Caxton Associates LLP Acquires New Shares in DAQO New Energy Corp. $DQ

Key Points

• Caxton Associates LLP has invested $1.71 million in DAQO New Energy Corp., acquiring 94,147 shares and now owning 0.14% of the company.
• Goldman Sachs increased its position in DAQO by 117.2%, now holding over $21 million worth of shares, while other institutions have notably boosted their stakes as well.
• Despite reporting a loss of ($1.14) earnings per share in its latest earnings, DAQO's stock has seen upgrades, including a strong buy rating from HSBC and price target raises from multiple analysts.

Caxton Associates LLP purchased a new position in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 94,147 shares of the semiconductor company's stock, valued at approximately $1,705,000. Caxton Associates LLP owned about 0.14% of DAQO New Energy as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings 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 worth $2,329,000 after buying an additional 25,647 shares during the period. Nuveen Asset Management LLC increased its holdings in shares of DAQO New Energy by 16.7% in the fourth quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock worth $762,000 after buying an additional 5,600 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of DAQO New Energy in the fourth quarter worth about $3,287,000. Point72 Europe London LLP purchased a new position in shares of DAQO New Energy in the fourth quarter worth about $3,742,000. Finally, Point72 Asset Management L.P. increased its holdings in shares of DAQO New Energy by 67.5% in the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company's stock worth $17,237,000 after buying an additional 357,460 shares during the period. Institutional investors own 47.22% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on DQ. HSBC upgraded DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price objective on the stock in a report on Wednesday, August 27th. Citigroup boosted their price target on DAQO New Energy from $27.00 to $37.00 and gave the company a "buy" rating in a report on Monday. Wall Street Zen downgraded DAQO New Energy from a "hold" rating to a "sell" rating in a report on Sunday, September 7th. Glj Research restated a "buy" rating and set a $30.51 price target on shares of DAQO New Energy in a report on Tuesday, August 26th. Finally, Hsbc Global Res upgraded DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 27th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, DAQO New Energy currently has a consensus rating of "Buy" and a consensus price target of $28.10.

DAQO New Energy Stock Performance

Shares of DQ traded down $0.13 during mid-day trading on Friday, reaching $25.74. The company had a trading volume of 776,982 shares, compared to its average volume of 1,028,295. The firm has a 50-day moving average price of $22.73 and a 200 day moving average price of $18.08. 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 capitalization of $1.73 billion, a price-to-earnings ratio of -4.41 and a beta of 0.50.

DAQO New Energy (NYSE:DQ - Get Free Report) last issued its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.16) by $0.02. DAQO New Energy had a negative return on equity of 6.54% and a negative net margin of 65.64%.The firm had revenue of $75.19 million for the quarter, compared to analysts' expectations of $140.54 million. As a group, research analysts forecast 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 initiated a stock repurchase plan on Tuesday, August 26th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

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.