Bank of America Corp DE Sells 35,491 Shares of Daqo New Energy Corp. (NYSE:DQ)

Bank of America Corp DE trimmed its stake in shares of Daqo New Energy Corp. (NYSE:DQ - Free Report) by 82.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 7,466 shares of the semiconductor company's stock after selling 35,491 shares during the quarter. Bank of America Corp DE's holdings in Daqo New Energy were worth $145,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of DQ. Continental General Insurance Co. increased its holdings in Daqo New Energy by 5.8% in the 4th quarter. Continental General Insurance Co. now owns 5,916,202 shares of the semiconductor company's stock worth $115,011,000 after purchasing an additional 322,084 shares in the last quarter. Northern Trust Corp increased its stake in shares of Daqo New Energy by 27.2% in the fourth quarter. Northern Trust Corp now owns 119,786 shares of the semiconductor company's stock valued at $2,329,000 after buying an additional 25,647 shares during the period. Prudential PLC acquired a new stake in shares of Daqo New Energy in the fourth quarter valued at about $14,775,000. Barclays PLC increased its stake in shares of Daqo New Energy by 587.8% in the fourth quarter. Barclays PLC now owns 80,750 shares of the semiconductor company's stock valued at $1,570,000 after buying an additional 69,010 shares during the period. Finally, AI Squared Management Ltd acquired a new stake in shares of Daqo New Energy in the fourth quarter valued at about $1,499,000. 47.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on DQ shares. HSBC cut Daqo New Energy from a "buy" rating to a "hold" rating and set a $14.00 price target for the company. in a research note on Wednesday, April 30th. The Goldman Sachs Group cut Daqo New Energy from a "buy" rating to a "neutral" rating and set a $17.00 target price for the company. in a research note on Tuesday, April 15th. Wall Street Zen raised Daqo New Energy to a "sell" rating in a research note on Monday, April 21st. Finally, Hsbc Global Res cut Daqo New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Daqo New Energy has a consensus rating of "Moderate Buy" and an average target price of $21.01.

Daqo New Energy Stock Up 3.3%

DQ stock opened at $14.37 on Tuesday. Daqo New Energy Corp. has a twelve month low of $12.41 and a twelve month high of $30.85. The stock's 50 day moving average is $13.90 and its 200-day moving average is $17.32. The firm has a market capitalization of $963.88 million, a PE ratio of -7.77 and a beta of 0.59.

Daqo New Energy (NYSE:DQ - Get Free Report) last posted its earnings results on Tuesday, April 29th. The semiconductor company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($1.02) by ($0.05). The company had revenue of $123.91 million during the quarter, compared to the consensus estimate of $176.81 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. On average, equities research analysts anticipate that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

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.

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