Cubist Systematic Strategies LLC Has $2.15 Million Stock Position in DAQO New Energy Corp. $DQ

Key Points

• Cubist Systematic Strategies LLC has reduced its stake in DAQO New Energy Corp. by 11.0%, selling 14,603 shares, while holding approximately 0.18% of the company worth $2,151,000.
• DAQO New Energy reported a quarterly EPS of ($1.14), exceeding expectations, but fell short on revenue with $75.19 million against a forecast of $140.54 million.
• Several hedge funds have made significant changes to their investments in DAQO New Energy, including Caitong International Asset Management, which increased its stake by 86,700.0%.

Cubist Systematic Strategies LLC lowered its holdings in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 11.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 118,748 shares of the semiconductor company's stock after selling 14,603 shares during the period. Cubist Systematic Strategies LLC owned approximately 0.18% of DAQO New Energy worth $2,151,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd boosted its holdings in DAQO New Energy by 86,700.0% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 1,734 shares during the period. Nuveen Asset Management LLC boosted its holdings in DAQO New Energy by 16.7% in the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock valued at $762,000 after purchasing an additional 5,600 shares during the period. American Century Companies Inc. boosted its holdings in DAQO New Energy by 4.7% in the 1st quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company's stock valued at $3,995,000 after purchasing an additional 9,885 shares during the period. Virtu Financial LLC bought a new stake in DAQO New Energy in the 1st quarter valued at about $187,000. Finally, Vident Advisory LLC bought a new stake in DAQO New Energy in the 1st quarter valued at about $216,000. Institutional investors own 47.22% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Hsbc Global Res raised shares of DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 27th. 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 research report on Wednesday, August 27th. Wall Street Zen cut shares of DAQO New Energy from a "hold" rating to a "sell" rating in a research report on Sunday, September 7th. Citigroup boosted their target price on shares of DAQO New Energy from $27.00 to $37.00 and gave the company a "buy" rating in a research report on Monday. Finally, Glj Research restated a "buy" rating and issued a $30.51 target price on shares of DAQO New Energy in a research report on Tuesday, August 26th. 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. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $28.10.

DAQO New Energy Price Performance

DQ stock traded down $0.13 during trading on Friday, reaching $25.74. 776,982 shares of the company were exchanged, compared to its average volume of 1,391,154. The company has a 50-day moving average of $22.86 and a two-hundred day moving average of $18.11. 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 Corp. has a twelve month low of $12.40 and a twelve month high of $30.85.

DAQO New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings data on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.16) by $0.02. The business had revenue of $75.19 million during the quarter, compared to analysts' expectations of $140.54 million. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. On average, analysts forecast that DAQO New Energy Corp. will post -3.5 EPS for the current year.

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