Zacks Investment Research upgraded shares of Daqo New Energy (NYSE:DQ) from a strong sell rating to a hold rating in a research note issued to investors on Friday morning.
According to Zacks, “Daqo New Energy Corp. is engaged in the manufacture and sale of high-quality polysilicon to photovoltaic product manufacturers. The polysilicon is further processed into ingots, wafers, cells and modules for solar power solutions. Daqo New Energy Corp., formerly known as Mega Stand International Limited, is headquartered in Wanzhou, The People’s Republic of China. “
A number of other research analysts also recently weighed in on the company. Credit Suisse Group assumed coverage on Daqo New Energy in a report on Friday, August 24th. They issued an outperform rating and a $58.00 target price on the stock. Roth Capital raised Daqo New Energy from a neutral rating to a buy rating and raised their price objective for the stock from $40.00 to $48.00 in a research note on Wednesday, August 8th. TheStreet downgraded Daqo New Energy from a b- rating to a c+ rating in a research note on Wednesday, October 24th. Finally, ValuEngine downgraded Daqo New Energy from a hold rating to a sell rating in a research note on Thursday, September 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $56.67.
Shares of NYSE DQ traded down $0.04 during trading on Friday, reaching $25.62. The company had a trading volume of 215,286 shares, compared to its average volume of 277,221. Daqo New Energy has a 12-month low of $20.43 and a 12-month high of $72.50. The stock has a market cap of $295.14 million, a P/E ratio of 3.01 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 1.06 and a debt-to-equity ratio of 0.17.
Daqo New Energy (NYSE:DQ) last released its earnings results on Tuesday, August 7th. The semiconductor company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.46. The firm had revenue of $66.95 million for the quarter, compared to analysts’ expectations of $62.70 million. Daqo New Energy had a return on equity of 23.80% and a net margin of 28.32%. As a group, analysts forecast that Daqo New Energy will post 2.64 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in DQ. Royal Bank of Canada grew its position in shares of Daqo New Energy by 554.9% during the first quarter. Royal Bank of Canada now owns 4,735 shares of the semiconductor company’s stock worth $232,000 after purchasing an additional 4,012 shares in the last quarter. Seizert Capital Partners LLC purchased a new position in Daqo New Energy during the 3rd quarter valued at approximately $241,000. Guinness Atkinson Asset Management Inc grew its holdings in Daqo New Energy by 45.8% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 10,500 shares of the semiconductor company’s stock valued at $274,000 after buying an additional 3,300 shares in the last quarter. Prudential Financial Inc. purchased a new position in Daqo New Energy during the 3rd quarter valued at approximately $326,000. Finally, Bank of Montreal Can grew its holdings in Daqo New Energy by 51.4% during the 2nd quarter. Bank of Montreal Can now owns 9,242 shares of the semiconductor company’s stock valued at $328,000 after buying an additional 3,136 shares in the last quarter. Hedge funds and other institutional investors own 40.37% of the company’s stock.
About Daqo New Energy
Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon and wafers in the People's Republic of China. It operates through two segments, Polysilicon and Wafers. The company offers polysilicon to photovoltaic product manufacturers who further process its polysilicon into ingots, wafers, cells, and modules for solar power solutions.
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