Daqo New Energy (NYSE:DQ) Stock Rating Upgraded by HSBC

Daqo New Energy (NYSE:DQ) was upgraded by research analysts at HSBC from a “hold” rating to a “buy” rating in a report released on Wednesday, MarketBeat Ratings reports.

A number of other research analysts have also recently issued reports on DQ. Roth Mkm lowered their price target on shares of 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. StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Nomura Securities raised Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. Hsbc Global Res raised Daqo New Energy from a “moderate sell” rating to a “hold” rating in a report on Tuesday, August 27th. Finally, 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 report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $22.26.

Daqo New Energy Price Performance

Shares of DQ opened at $21.88 on Wednesday. The company has a 50-day simple moving average of $16.33 and a two-hundred day simple moving average of $19.17. The firm has a market capitalization of $1.44 billion, a PE ratio of 10.27 and a beta of 0.32. Daqo New Energy has a one year low of $13.62 and a one year high of $30.03.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share 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 the consensus estimate of $406.50 million. During the same quarter in the prior year, the firm earned $1.34 earnings per share. Analysts expect that Daqo New Energy will post -3.35 EPS for the current fiscal year.

Daqo New Energy declared that its Board of Directors has initiated a share repurchase plan on Monday, July 22nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 8.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Daqo New Energy

Large investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its stake in Daqo New Energy by 12,187.5% during the 2nd quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock valued at $29,000 after acquiring an additional 1,950 shares during the period. PNC Financial Services Group Inc. lifted its position in Daqo New Energy by 117.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 858 shares during the period. AXA S.A. boosted its holdings in Daqo New Energy by 202.3% in the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after purchasing an additional 4,274 shares during the last quarter. Rhumbline Advisers boosted its holdings in Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 1,470 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in Daqo New Energy by 37.9% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock worth $211,000 after purchasing an additional 3,970 shares during the period. 47.22% of the stock is currently owned by institutional investors.

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.