Daqo New Energy (NYSE:DQ) Upgraded at HSBC

HSBC upgraded shares of Daqo New Energy (NYSE:DQ) from a reduce rating to a hold rating in a research report released on Tuesday, Marketbeat.com reports. HSBC currently has $15.00 price objective on the semiconductor company’s stock.

Other equities research analysts have also recently issued research reports about the company. Roth Mkm reissued a neutral rating and issued a $23.00 price objective on shares of Daqo New Energy in a research note on Tuesday, April 30th. StockNews.com cut Daqo New Energy from a hold rating to a sell rating in a research report on Tuesday, August 13th. The Goldman Sachs Group initiated coverage on shares of Daqo New Energy in a research report on Thursday, July 11th. They issued a buy rating on the stock. Finally, Jefferies Financial Group dropped their target price on shares of Daqo New Energy from $38.40 to $34.05 and set a buy rating for the company in a research report on Monday, August 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $22.26.

Daqo New Energy Stock Performance

Daqo New Energy stock opened at $14.71 on Tuesday. Daqo New Energy has a 52 week low of $13.62 and a 52 week high of $37.92. The stock has a market capitalization of $970.96 million, a P/E ratio of 6.91 and a beta of 0.28. The stock has a 50-day simple moving average of $15.98 and a 200 day simple moving average of $20.11.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25). The firm had revenue of $219.91 million for the quarter, compared to analyst estimates of $406.50 million. Daqo New Energy had a return on equity of 2.46% and a net margin of 7.84%. During the same quarter in the previous year, the company earned $1.34 earnings per share. Research analysts forecast that Daqo New Energy will post 0.46 earnings per share for the current year.

Daqo New Energy declared that its board has initiated a share buyback program on Monday, July 22nd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Daqo New Energy

Several institutional investors and hedge funds have recently modified their holdings of DQ. Investment House LLC acquired a new stake in shares of Daqo New Energy in the 4th quarter worth $266,000. Boston Partners purchased a new stake in Daqo New Energy during the 4th quarter worth about $2,016,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Daqo New Energy by 4.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 48,744 shares of the semiconductor company’s stock valued at $1,184,000 after buying an additional 1,899 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Daqo New Energy by 39.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 664 shares in the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Daqo New Energy by 2.0% in the fourth quarter. Franklin Resources Inc. now owns 2,728,399 shares of the semiconductor company’s stock valued at $72,575,000 after acquiring an additional 53,860 shares during the period. Institutional investors and hedge funds own 47.22% of the company’s stock.

About Daqo New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.