Carmignac Gestion Has $2.22 Million Stake in DAQO New Energy Corp. $DQ

Key Points

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Carmignac Gestion trimmed its holdings in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 9.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 122,514 shares of the semiconductor company's stock after selling 13,100 shares during the quarter. Carmignac Gestion owned about 0.18% of DAQO New Energy worth $2,219,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in DAQO New Energy by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company's stock worth $31,612,000 after buying an additional 26,359 shares during the period. Point72 Asset Management L.P. raised its stake in shares of DAQO New Energy by 67.5% during the 4th 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 in the last quarter. Prudential PLC raised its stake in shares of 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 buying an additional 89,431 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of DAQO New Energy during the 1st quarter worth approximately $9,372,000. Finally, Hsbc Holdings PLC raised its stake in shares of DAQO New Energy by 514.3% during the 1st quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company's stock worth $9,026,000 after buying an additional 419,569 shares in the last quarter. 47.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DQ. Glj Research raised DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price target on the stock in a research note on Thursday, July 10th. HSBC lowered shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 target price on the stock. in a research report on Wednesday, April 30th. Hsbc Global Res lowered shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Citigroup initiated coverage on shares of DAQO New Energy in a research report on Friday, July 18th. They set a "buy" rating and a $27.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, DAQO New Energy has an average rating of "Moderate Buy" and a consensus price target of $23.22.

DAQO New Energy Price Performance

Shares of NYSE DQ traded up $0.4050 during midday trading on Friday, hitting $22.8750. 839,671 shares of the company's stock were exchanged, compared to its average volume of 971,140. DAQO New Energy Corp. has a twelve month low of $12.40 and a twelve month high of $30.85. The firm has a market cap of $1.53 billion, a P/E ratio of -3.51 and a beta of 0.48. The stock's 50 day moving average price is $19.52 and its 200-day moving average price is $17.61.

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.