DAQO New Energy Corp. $DQ Stake Raised by Continental General Insurance Co.

Continental General Insurance Co. increased its holdings in shares of DAQO New Energy Corp. (NYSE:DQ) by 11.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,641,986 shares of the semiconductor company’s stock after acquiring an additional 675,784 shares during the period. DAQO New Energy makes up about 36.3% of Continental General Insurance Co.’s portfolio, making the stock its largest holding. Continental General Insurance Co. owned 9.90% of DAQO New Energy worth $186,839,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of DQ. Headlands Technologies LLC purchased a new position in DAQO New Energy during the second quarter worth approximately $29,000. Pinpoint Asset Management Singapore Pte. Ltd. increased its position in shares of DAQO New Energy by 777.7% in the third quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 2,633 shares of the semiconductor company’s stock valued at $74,000 after buying an additional 2,333 shares in the last quarter. Vise Technologies Inc. acquired a new position in shares of DAQO New Energy during the 3rd quarter worth approximately $225,000. Fox Run Management L.L.C. acquired a new position in shares of DAQO New Energy during the 3rd quarter worth approximately $231,000. Finally, Dimensional Fund Advisors LP purchased a new position in shares of DAQO New Energy during the 3rd quarter valued at approximately $279,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

DAQO New Energy Price Performance

Shares of DAQO New Energy stock opened at $23.08 on Friday. The stock has a market capitalization of $1.55 billion, a P/E ratio of -9.09 and a beta of 0.68. The business has a 50 day simple moving average of $24.90 and a two-hundred day simple moving average of $27.87. DAQO New Energy Corp. has a 12 month low of $12.40 and a 12 month high of $36.59.

DAQO New Energy (NYSE:DQ) last issued its quarterly earnings results on Thursday, February 26th. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). DAQO New Energy had a negative return on equity of 2.92% and a negative net margin of 25.62%.The firm had revenue of $221.71 million during the quarter, compared to analyst estimates of $276.94 million. As a group, research analysts anticipate that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. New Street Research set a $18.13 price target on shares of DAQO New Energy in a research note on Tuesday, February 3rd. Glj Research cut shares of DAQO New Energy from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $30.51 to $18.13 in a research report on Tuesday, February 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of DAQO New Energy in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.43.

DAQO New Energy Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.