DAQO New Energy (NYSE:DQ) Stock Moved Up to Hold by Zacks Research

DAQO New Energy (NYSE:DQ) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday, Zacks reports.

Several other analysts also recently issued reports on the company. JPMorgan Chase & Co. cut their price target on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. New Street Research set a $10.00 target price on DAQO New Energy in a research report on Monday, August 24th. The Goldman Sachs Group cut DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a research note on Monday, August 24th. Finally, Weiss Ratings raised shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, DAQO New Energy has a consensus rating of “Reduce” and an average target price of $15.83.

DAQO New Energy Stock Up 1.3%

DQ opened at $11.49 on Tuesday. The company’s 50-day moving average price is $12.82 and its 200 day moving average price is $15.89. DAQO New Energy has a fifty-two week low of $10.87 and a fifty-two week high of $36.59. The firm has a market cap of $777.66 million, a price-to-earnings ratio of -4.05 and a beta of 0.67.

DAQO New Energy (NYSE:DQ) last issued its earnings results on Thursday, August 20th. The semiconductor company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.63). The company had revenue of $62.66 million during the quarter, compared to analyst estimates of $52.93 million. DAQO New Energy had a negative net margin of 34.50% and a negative return on equity of 3.26%. Research analysts anticipate that DAQO New Energy will post -1.96 earnings per share for the current year.

Institutional Investors Weigh In On DAQO New Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new stake in shares of DAQO New Energy during the 4th quarter valued at $49,000. Nykredit A S purchased a new position in DAQO New Energy during the second quarter valued at approximately $28,000. Banque Cantonale Vaudoise grew its holdings in shares of DAQO New Energy by 37.5% during the 1st quarter. Banque Cantonale Vaudoise now owns 2,579 shares of the semiconductor company’s stock valued at $55,000 after acquiring an additional 703 shares in the last quarter. Prudential PLC purchased a new stake in shares of DAQO New Energy during the fourth quarter worth $202,000. Finally, MidFirst Bank purchased a new stake in shares of DAQO New Energy during the fourth quarter worth $236,000. 47.22% of the stock is owned by institutional investors and hedge funds.

DAQO New Energy Company Profile

DA​​QO New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce the wafers, cells and modules that make up solar photovoltaic panels. The company supplies polysilicon primarily to manufacturers in the global solar power industry.

Through its operating subsidiary, Xinjiang Daqo New Energy Co, Ltd., the company produces polysilicon at manufacturing facilities in China. Its products include polysilicon used in both monocrystalline and multicrystalline solar applications, with product specifications designed for use in advanced photovoltaic manufacturing.

Daqo New Energy was established in 2008 and began commercial polysilicon production in 2009.