DAQO New Energy (NYSE:DQ) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of DAQO New Energy (NYSE:DQ) from a hold rating to a sell rating in a research report report published on Sunday.

DQ has been the topic of several other reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of DAQO New Energy in a research note on Wednesday, October 8th. Glj Research reissued a “buy” rating and issued a $30.51 price objective on shares of DAQO New Energy in a research report on Tuesday, August 26th. Roth Capital reissued a “neutral” rating and issued a $25.00 price objective on shares of DAQO New Energy in a research report on Thursday, September 18th. Hsbc Global Res raised shares of DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 27th. Finally, HSBC raised shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Wednesday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $26.82.

DAQO New Energy Stock Down 1.4%

Shares of DQ opened at $29.28 on Friday. DAQO New Energy has a fifty-two week low of $12.40 and a fifty-two week high of $31.21. The firm’s 50 day moving average price is $26.66 and its 200 day moving average price is $20.19. The company has a market cap of $1.96 billion, a P/E ratio of -5.70 and a beta of 0.60.

DAQO New Energy (NYSE:DQ) last announced its earnings results on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.39. DAQO New Energy had a negative net margin of 53.74% and a negative return on equity of 5.89%. The firm had revenue of $162.30 million for the quarter, compared to the consensus estimate of $176.78 million. Research analysts forecast that DAQO New Energy will post -3.5 earnings per share for the current year.

DAQO New Energy announced that its Board of Directors has approved a stock buyback program on Tuesday, August 26th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On DAQO New Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd raised its stake in DAQO New Energy by 86,700.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 1,734 shares in the last quarter. Headlands Technologies LLC acquired a new stake in DAQO New Energy during the 2nd quarter worth $29,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in DAQO New Energy by 39.1% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,364 shares of the semiconductor company’s stock worth $476,000 after purchasing an additional 8,815 shares during the period. American Century Companies Inc. boosted its stake in DAQO New Energy by 4.7% during the 1st quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company’s stock worth $3,995,000 after purchasing an additional 9,885 shares during the period. Finally, Virtu Financial LLC acquired a new stake in DAQO New Energy during the 1st quarter worth $187,000. 47.22% of the stock is currently owned by institutional investors and hedge funds.

DAQO New Energy Company Profile

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.