Aberdeen Group plc Buys 39,203 Shares of DAQO New Energy Corp. $DQ

Key Points

• Aberdeen Group plc increased its stake in DAQO New Energy Corp. by 64.1% during the first quarter, now owning 100,345 shares valued at approximately $1.82 million.
• Other institutional investors, including Northern Trust Corp and Barclays PLC, also expanded their holdings, indicating significant institutional interest in DAQO New Energy.
• DAQO New Energy's stock has seen a 12-month price range between $12.40 and $30.85, currently trading at about $22.49.

Aberdeen Group plc boosted its stake in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 64.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,345 shares of the semiconductor company's stock after purchasing an additional 39,203 shares during the quarter. Aberdeen Group plc owned about 0.15% of DAQO New Energy worth $1,817,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its holdings in DAQO New Energy by 86,700.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock worth $31,000 after purchasing an additional 1,734 shares during the period. Virtu Financial LLC acquired a new position in shares of DAQO New Energy during the first quarter valued at about $187,000. XTX Topco Ltd acquired a new position in shares of DAQO New Energy during the first quarter valued at about $316,000. Nuveen Asset Management LLC grew its holdings in shares of DAQO New Energy by 16.7% during the fourth quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock valued at $762,000 after buying an additional 5,600 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of DAQO New Energy during the first quarter valued at about $837,000. 47.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on DQ. Hsbc Global Res cut shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 30th. Citigroup began coverage on shares of DAQO New Energy in a report on Friday, July 18th. They set a "buy" rating and a $27.00 price objective for the company. HSBC upgraded shares of DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a report on Wednesday. Finally, Glj Research reiterated a "buy" rating and set a $30.51 price objective on shares of DAQO New Energy in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $24.25.

DAQO New Energy Trading Down 2.9%

Shares of DQ traded down $0.68 during trading hours on Wednesday, reaching $23.04. 1,195,077 shares of the stock traded hands, compared to its average volume of 958,822. The stock has a fifty day simple moving average of $20.26 and a 200 day simple moving average of $17.71. DAQO New Energy Corp. has a 52 week low of $12.40 and a 52 week high of $30.85. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -3.95 and a beta of 0.48.

DAQO New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share for the quarter, beating analysts' consensus estimates of ($1.16) by $0.02. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.49%. The company had revenue of $75.19 million for the quarter, compared to analyst estimates of $140.54 million. Analysts predict that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy announced that its Board of Directors has approved a stock repurchase program on Tuesday, August 26th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

DAQO New Energy 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.