Daqo New Energy (NYSE:DQ) Rating Increased to Buy at HSBC

by · The Markets Daily

HSBC upgraded shares of Daqo New Energy (NYSE:DQ – Free Report) from a hold rating to a buy rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports.

Several other analysts have also recently commented on the company. StockNews.com raised Daqo New Energy to a sell rating in a research report on Monday, September 23rd. Roth Mkm reduced their price objective on Daqo New Energy from $23.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday, August 28th. Jefferies Financial Group reduced their price target on 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. Hsbc Global Res raised Daqo New Energy from a moderate sell rating to a hold rating in a research report on Tuesday, August 27th. Finally, Nomura Securities raised Daqo New Energy to a strong-buy rating in a research report on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $22.26.

Check Out Our Latest Analysis on Daqo New Energy

Daqo New Energy Trading Up 11.6 %

Shares of NYSE DQ opened at $24.41 on Wednesday. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 11.24 and a beta of 0.32. Daqo New Energy has a 12-month low of $13.62 and a 12-month high of $30.03. The stock’s 50 day simple moving average is $16.42 and its 200 day simple moving average is $19.19.

Daqo New Energy (NYSE:DQ – Get Free Report) last issued its quarterly earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($1.25). Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. The firm had revenue of $219.91 million for the quarter, compared to analyst estimates of $406.50 million. During the same quarter last year, the business posted $1.34 earnings per share. As a group, equities analysts forecast that Daqo New Energy will post -3.35 earnings per share for the current fiscal year.

Daqo New Energy declared that its board has approved a stock repurchase plan on Monday, July 22nd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Daqo New Energy

A number of hedge funds have recently modified their holdings of DQ. Point72 Asset Management L.P. acquired a new position in shares of Daqo New Energy in the 2nd quarter worth approximately $11,080,000. Sylebra Capital LLC boosted its position in Daqo New Energy by 103.9% in the 2nd quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after buying an additional 480,980 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Daqo New Energy by 142.1% in the 1st quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock valued at $19,617,000 after purchasing an additional 409,057 shares during the period. Jupiter Asset Management Ltd. acquired a new position in shares of Daqo New Energy in the 1st quarter valued at $9,647,000. Finally, Ariose Capital Management Ltd raised its stake in shares of Daqo New Energy by 23.9% in the 2nd quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company’s stock valued at $17,244,000 after purchasing an additional 228,200 shares during the period. 47.22% of the stock is owned by institutional investors and hedge funds.

Daqo New Energy Company Profile

(Get Free Report)

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.

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