DAQO New Energy (NYSE:DQ) Price Target Raised to $37.00

Key Points

• Citigroup has raised its price target for DAQO New Energy from $27.00 to $37.00, indicating a potential upside of 30.59% based on the stock's previous close.
• Despite the positive outlook from Citigroup, DAQO New Energy’s stock has seen mixed ratings from analysts, with one research firm downgrading it to a "sell" while others have assigned "buy" ratings.
• The company recently reported a quarterly EPS of ($1.14), beating estimates, but reported a significant revenue miss of $75.19 million compared to expectations of $140.54 million.

DAQO New Energy (NYSE:DQ - Get Free Report) had its price objective boosted by equities research analysts at Citigroup from $27.00 to $37.00 in a research report issued on Monday, MarketBeat reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. Citigroup's target price would suggest a potential upside of 43.77% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Glj Research reaffirmed a "buy" rating and issued a $30.51 price target on shares of DAQO New Energy in a research report on Tuesday, August 26th. Wall Street Zen lowered DAQO New Energy from a "hold" rating to a "sell" rating in a research report on Sunday, September 7th. HSBC raised DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a research report on Wednesday, August 27th. Finally, Hsbc Global Res raised DAQO New Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $28.10.

DAQO New Energy Stock Down 0.5%

Shares of DQ stock traded down $0.13 during mid-day trading on Monday, reaching $25.74. 776,982 shares of the company's stock traded hands, compared to its average volume of 1,391,154. DAQO New Energy has a 12 month low of $12.40 and a 12 month high of $30.85. The company has a market cap of $1.73 billion, a P/E ratio of -4.41 and a beta of 0.50. The company's 50-day moving average price is $22.86 and its 200-day moving average price is $18.11.

DAQO New Energy (NYSE:DQ - Get Free Report) last announced its earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, beating analysts' consensus estimates of ($1.16) by $0.02. The firm had revenue of $75.19 million for the quarter, compared to analysts' expectations of $140.54 million. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. Equities analysts predict that DAQO New Energy will post -3.5 earnings per share for the current year.

DAQO New Energy announced that its board has initiated a share buyback plan on Tuesday, August 26th that permits the company to buyback $0.00 in shares. This buyback authorization permits the semiconductor company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Northern Trust Corp grew its stake in shares of DAQO New Energy by 27.2% during the 4th quarter. Northern Trust Corp now owns 119,786 shares of the semiconductor company's stock valued at $2,329,000 after acquiring an additional 25,647 shares during the period. Vanguard Group Inc. boosted its stake in DAQO New Energy by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company's stock worth $31,612,000 after purchasing an additional 26,359 shares during the period. Continental General Insurance Co. boosted its stake in DAQO New Energy by 0.8% in the 1st quarter. Continental General Insurance Co. now owns 5,966,202 shares of the semiconductor company's stock worth $108,048,000 after purchasing an additional 50,000 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in DAQO New Energy by 227.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 162,085 shares of the semiconductor company's stock worth $2,935,000 after purchasing an additional 112,562 shares during the period. Finally, Hsbc Holdings PLC boosted its stake in DAQO New Energy by 514.3% in the 1st quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company's stock worth $9,026,000 after purchasing an additional 419,569 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.