DAQO New Energy (NYSE:DQ) Stock Moved Up to "Hold" by Zacks Research

Key Points

• Zacks Research upgraded DAQO New Energy from “strong sell” to “hold,” though the broader analyst consensus remains “Reduce” with an average price target of $15.83.
• DAQO shares opened at $11.49, near their one-year low of $10.87 and well below the one-year high of $36.59. The company reported a quarterly loss of $1.20 per share, missing estimates, despite revenue exceeding expectations.
• Institutional investors own 47.22% of the company, with several funds recently increasing their stakes or initiating new positions.

DAQO New Energy (NYSE:DQ - Get Free Report) was upgraded by research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Tuesday, Zacks reports.

DQ has been the subject of a number of other reports. New Street Research set a $10.00 price target on shares of DAQO New Energy in a report on Monday, August 24th. Weiss Ratings raised shares of DAQO New Energy from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, September 14th. The Goldman Sachs Group downgraded DAQO New Energy from a "neutral" rating to a "sell" rating and set a $10.00 target price for the company. in a research note on Monday, August 24th. Finally, JPMorgan Chase & Co. dropped their target price on DAQO New Energy from $35.50 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, DAQO New Energy presently has an average rating of "Reduce" and a consensus target price of $15.83.

DAQO New Energy Stock Performance

Shares of NYSE:DQ opened at $11.49 on Tuesday. The company has a market cap of $777.66 million, a P/E ratio of -4.05 and a beta of 0.67. DAQO New Energy has a one year low of $10.87 and a one year high of $36.59. The business's 50-day simple moving average is $12.82 and its 200 day simple moving average is $15.89.

DAQO New Energy (NYSE:DQ - Get Free Report) last issued its quarterly earnings data on Thursday, August 20th. The semiconductor company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.63). DAQO New Energy had a negative net margin of 34.50% and a negative return on equity of 3.26%. The firm had revenue of $62.66 million during the quarter, compared to analyst estimates of $52.93 million. Analysts predict that DAQO New Energy will post -1.96 earnings per share for the current year.

Hedge Funds Weigh In On DAQO New Energy

Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in DAQO New Energy in the first quarter valued at about $3,285,000. Gordian Capital Singapore Pte Ltd raised its position in shares of DAQO New Energy by 28.0% during the 4th quarter. Gordian Capital Singapore Pte Ltd now owns 64,000 shares of the semiconductor company's stock valued at $1,888,000 after acquiring an additional 14,000 shares in the last quarter. SG Americas Securities LLC lifted its stake in DAQO New Energy by 58.1% during the first quarter. SG Americas Securities LLC now owns 67,643 shares of the semiconductor company's stock worth $1,439,000 after purchasing an additional 24,855 shares during the last quarter. Hsbc Holdings PLC lifted its stake in DAQO New Energy by 65.9% during the first quarter. Hsbc Holdings PLC now owns 35,165 shares of the semiconductor company's stock worth $739,000 after purchasing an additional 13,970 shares during the last quarter. Finally, Cygnus Capital Advisors LLC acquired a new position in DAQO New Energy in the second quarter worth $724,000. Institutional investors own 47.22% of the company's stock.

About DAQO New Energy

DA​​QO New Energy Corp. NYSE: DQ is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce the wafers, cells and modules that make up solar photovoltaic panels. The company supplies polysilicon primarily to manufacturers in the global solar power industry.

Through its operating subsidiary, Xinjiang Daqo New Energy Co, Ltd., the company produces polysilicon at manufacturing facilities in China. Its products include polysilicon used in both monocrystalline and multicrystalline solar applications, with product specifications designed for use in advanced photovoltaic manufacturing.

Daqo New Energy was established in 2008 and began commercial polysilicon production in 2009.

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