Brokerages Set DAQO New Energy Corp. (NYSE:DQ) Target Price at $23.22

Key Points

• DAQO New Energy Corp. has received a consensus rating of "Moderate Buy" from ten analysts, with an average 12-month price objective of $23.22.
• Recent analyst activity includes HSBC downgrading the stock from "strong-buy" to "hold," while Glj Research upgraded it from "sell" to "buy" with a target price of $30.51.
• Institutional investors control 47.22% of DAQO New Energy's stock, with significant recent position increases from multiple hedge funds.

Shares of DAQO New Energy Corp. (NYSE:DQ - Get Free Report) have been assigned a consensus rating of "Buy" from the seven research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $26.1020.

Several research analysts have recently issued reports on DQ shares. Citigroup started coverage on shares of DAQO New Energy in a report on Friday, July 18th. They issued a "buy" rating and a $27.00 target price for the company. Glj Research restated a "buy" rating and issued a $30.51 target price on shares of DAQO New Energy in a report on Tuesday. Hsbc Global Res upgraded shares of DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Wall Street Zen upgraded shares of DAQO New Energy from a "strong sell" rating to a "hold" rating in a report on Saturday. Finally, HSBC upgraded shares of DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a report on Wednesday.

DAQO New Energy Stock Up 12.1%

NYSE DQ traded up $2.75 on Monday, hitting $25.59. 2,673,604 shares of the stock were exchanged, compared to its average volume of 886,372. DAQO New Energy has a fifty-two week low of $12.40 and a fifty-two week high of $30.85. The company has a market cap of $1.72 billion, a PE ratio of -4.38 and a beta of 0.48. The company has a 50-day moving average price of $20.67 and a 200-day moving average price of $17.72.

DAQO New Energy (NYSE:DQ - Get Free Report) last posted its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.16) by $0.02. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. The company had revenue of $75.19 million during the quarter, compared to analysts' expectations of $140.54 million. As a group, equities research analysts predict that DAQO New Energy will post -3.5 EPS for the current fiscal year.

DAQO New Energy declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, August 26th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its stock is undervalued.

Institutional Trading of DAQO New Energy

A number of large investors have recently bought and sold shares of DQ. Barclays PLC boosted its stake in DAQO New Energy by 587.8% during the 4th quarter. Barclays PLC now owns 80,750 shares of the semiconductor company's stock worth $1,570,000 after purchasing an additional 69,010 shares during the period. Hsbc Holdings PLC boosted its stake in DAQO New Energy by 381.6% during the 4th quarter. Hsbc Holdings PLC now owns 81,576 shares of the semiconductor company's stock worth $1,586,000 after purchasing an additional 64,639 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in DAQO New Energy during the 4th quarter worth $1,187,000. Arosa Capital Management LP acquired a new stake in DAQO New Energy during the 4th quarter worth $2,916,000. Finally, Northern Trust Corp boosted its stake in DAQO New Energy by 27.2% during the 4th quarter. Northern Trust Corp now owns 119,786 shares of the semiconductor company's stock worth $2,329,000 after purchasing an additional 25,647 shares during the period. Institutional investors and hedge funds own 47.22% of the company's stock.

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.