Russell Investments Group Ltd. Acquires 115,831 Shares of DAQO New Energy Corp. $DQ

Key Points

• Russell Investments Group Ltd. increased its stake in DAQO New Energy Corp. by 39.2% in Q1, owning 411,345 shares valued at approximately $7.45 million.
• Multiple institutional investors have also raised their positions in DQ, with significant increases from firms like Barclays PLC (587.8%) and Hsbc Holdings PLC (381.6%) in the last quarter.
• Research firms have mixed ratings on the stock, with Glj Research upgrading it from "sell" to "buy," while HSBC downgraded it to "hold" with a price target of $14.00.

Russell Investments Group Ltd. boosted its holdings in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 39.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 411,345 shares of the semiconductor company's stock after buying an additional 115,831 shares during the quarter. Russell Investments Group Ltd. owned 0.61% of DAQO New Energy worth $7,450,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Virtu Financial LLC acquired a new stake in shares of DAQO New Energy during the first quarter worth $187,000. XTX Topco Ltd purchased a new position in DAQO New Energy in the 1st quarter worth about $316,000. Nuveen Asset Management LLC raised its holdings in DAQO New Energy by 16.7% during the 4th 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. Nuveen LLC purchased a new stake in DAQO New Energy during the first quarter valued at about $837,000. Finally, Symmetry Investments LP acquired a new position in shares of DAQO New Energy in the fourth quarter worth about $1,040,000. Institutional investors and hedge funds own 47.22% of the company's stock.

DAQO New Energy Stock Performance

Shares of DQ traded up $0.4050 during trading hours on Friday, hitting $22.8750. 839,671 shares of the company were exchanged, compared to its average volume of 974,040. The company has a market cap of $1.53 billion, a PE ratio of -3.51 and a beta of 0.48. The firm's 50 day moving average is $19.70 and its 200-day moving average is $17.63. DAQO New Energy Corp. has a 52 week low of $12.40 and a 52 week high of $30.85.

Analysts Set New Price Targets

DQ has been the topic of several recent analyst reports. 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 report on Thursday, July 10th. HSBC downgraded DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 target price on the stock. in a report on Wednesday, April 30th. 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. Finally, Citigroup initiated coverage on shares of DAQO New Energy in a research note on Friday, July 18th. They issued a "buy" rating and a $27.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $23.22.

About DAQO New Energy

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.