Aberdeen Group plc Decreases Stock Position in DAQO New Energy Corp. $DQ

Key Points

• Aberdeen Group plc has reduced its stake in DAQO New Energy Corp. by 11.4%, now holding approximately 88,940 shares valued at $1.35 million.
• Several institutional investors, including Goldman Sachs and HSBC Holdings PLC, significantly increased their positions in DAQO New Energy during Q1, indicating strong institutional interest.
• Wall Street analysts have mixed opinions on the stock, with ratings ranging from "Strong Buy" to "Sell," and a consensus price target of $25.99 as of now.

Aberdeen Group plc decreased its position in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) by 11.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 88,940 shares of the semiconductor company's stock after selling 11,405 shares during the period. Aberdeen Group plc owned about 0.13% of DAQO New Energy worth $1,349,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Continental General Insurance Co. increased its position in shares of DAQO New Energy by 0.8% during the first quarter. Continental General Insurance Co. now owns 5,966,202 shares of the semiconductor company's stock worth $108,048,000 after acquiring an additional 50,000 shares during the last quarter. Vanguard Group Inc. grew its stake in DAQO New Energy by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company's stock valued at $31,612,000 after purchasing an additional 26,359 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company's stock worth $21,005,000 after purchasing an additional 625,900 shares during the last quarter. Prudential PLC increased its holdings in DAQO New Energy by 11.8% during the 1st quarter. Prudential PLC now owns 849,471 shares of the semiconductor company's stock worth $15,384,000 after purchasing an additional 89,431 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of DAQO New Energy by 514.3% in the 1st quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company's stock valued at $9,026,000 after purchasing an additional 419,569 shares in the last quarter. 47.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DQ. HSBC raised shares of DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price target for the company in a research report on Wednesday, August 27th. Weiss Ratings reissued a "sell (d)" rating on shares of DAQO New Energy in a research report on Wednesday, October 8th. Wall Street Zen raised shares of DAQO New Energy from a "sell" rating to a "hold" rating in a research report on Saturday. Glj Research reiterated a "buy" rating and issued a $30.51 price target on shares of DAQO New Energy in a research note on Tuesday, August 26th. Finally, Citigroup boosted their price objective on DAQO New Energy from $27.00 to $37.00 and gave the company a "buy" rating in a report on Monday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $25.99.

DAQO New Energy Price Performance

Shares of NYSE DQ opened at $26.79 on Friday. The firm has a market capitalization of $1.80 billion, a PE ratio of -4.59 and a beta of 0.60. DAQO New Energy Corp. has a 1-year low of $12.40 and a 1-year high of $31.21. The business's fifty day moving average price is $25.95 and its two-hundred day moving average price is $19.54.

DAQO New Energy (NYSE:DQ - Get Free Report) last announced its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.16) by $0.02. The company had revenue of $75.19 million during the quarter, compared to the consensus estimate 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 research analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy declared that its board has approved a stock repurchase program on Tuesday, August 26th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

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.

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