HSBC Reaffirms “Reduce” Rating for Daqo New Energy (NYSE:DQ)

HSBC reaffirmed their reduce rating on shares of Daqo New Energy (NYSE:DQ) in a research report released on Monday morning, Marketbeat reports. HSBC currently has a $17.50 target price on the semiconductor company’s stock, down from their prior target price of $23.50.

DQ has been the subject of several other reports. Daiwa Capital Markets reiterated an underperform rating and set a $25.00 target price on shares of Daqo New Energy in a research report on Friday, March 15th. Roth Mkm reiterated a neutral rating and issued a $23.00 price objective on shares of Daqo New Energy in a research report on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Daqo New Energy has a consensus rating of Hold and an average price target of $27.63.

Daqo New Energy Stock Down 1.1 %

Shares of Daqo New Energy stock opened at $18.56 on Monday. Daqo New Energy has a 52 week low of $17.30 and a 52 week high of $44.08. The business has a 50 day moving average price of $24.52 and a 200-day moving average price of $23.50. The company has a market cap of $1.23 billion, a PE ratio of 8.71 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, April 29th. The semiconductor company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.32). The firm had revenue of $415.31 million for the quarter, compared to the consensus estimate of $491.90 million. Daqo New Energy had a net margin of 7.84% and a return on equity of 2.46%. During the same period last year, the company posted $3.52 earnings per share. As a group, research analysts anticipate that Daqo New Energy will post 2.59 EPS for the current year.

Hedge Funds Weigh In On Daqo New Energy

Institutional investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp grew its holdings in shares of Daqo New Energy by 50.0% during the third quarter. Mackenzie Financial Corp now owns 1,449,737 shares of the semiconductor company’s stock valued at $41,709,000 after buying an additional 483,254 shares during the last quarter. Ariose Capital Management Ltd increased its stake in Daqo New Energy by 324.8% in the 3rd quarter. Ariose Capital Management Ltd now owns 800,124 shares of the semiconductor company’s stock worth $24,220,000 after acquiring an additional 611,755 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Daqo New Energy by 4.0% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 147,521 shares of the semiconductor company’s stock worth $4,465,000 after buying an additional 5,639 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Daqo New Energy by 1.2% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 46,845 shares of the semiconductor company’s stock valued at $1,418,000 after purchasing an additional 566 shares during the period. Finally, Barclays PLC increased its position in Daqo New Energy by 97.6% during the third quarter. Barclays PLC now owns 157,665 shares of the semiconductor company’s stock valued at $4,772,000 after acquiring an additional 77,890 shares during the last quarter. Institutional investors 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.