DAQO New Energy Corp. $DQ Shares Purchased by FengHe Fund Management Pte. Ltd.

Key Points

• FengHe Fund Management Pte. Ltd. increased its holdings in DAQO New Energy by 13.0%, acquiring additional shares and making it the 19th largest holding in their portfolio.
• During Q2, Goldman Sachs Group Inc. and other institutional investors significantly raised their stakes in DAQO New Energy, with investments such as a 117.2% increase from Goldman Sachs.
• DAQO New Energy's shares have experienced fluctuations, currently trading around $29.00, while analysts have mixed ratings with a consensus price target of $25.84.

FengHe Fund Management Pte. Ltd. lifted its holdings in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 13.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 289,376 shares of the semiconductor company's stock after purchasing an additional 33,300 shares during the period. DAQO New Energy makes up 0.7% of FengHe Fund Management Pte. Ltd.'s holdings, making the stock its 19th biggest holding. FengHe Fund Management Pte. Ltd. owned approximately 0.43% of DAQO New Energy worth $4,390,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Public Employees Retirement System of Ohio grew its stake in shares of DAQO New Energy by 41.6% in the second quarter. Public Employees Retirement System of Ohio now owns 46,300 shares of the semiconductor company's stock worth $702,000 after acquiring an additional 13,600 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in DAQO New Energy by 34.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 174,912 shares of the semiconductor company's stock worth $3,168,000 after purchasing an additional 44,780 shares in the last quarter. Caxton Associates LLP acquired a new position in DAQO New Energy during the 1st quarter worth $1,705,000. Goldman Sachs Group Inc. grew its stake in DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company's stock worth $21,005,000 after purchasing an additional 625,900 shares in the last quarter. Finally, Millennium Management LLC grew its stake in DAQO New Energy by 1,261.0% during the 1st quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company's stock worth $6,422,000 after purchasing an additional 328,541 shares in the last quarter. Institutional investors and hedge funds own 47.22% of the company's stock.

DAQO New Energy Stock Up 3.1%

Shares of NYSE DQ opened at $29.00 on Thursday. The stock has a market cap of $1.95 billion, a PE ratio of -4.97 and a beta of 0.60. DAQO New Energy Corp. has a 52-week low of $12.40 and a 52-week high of $31.21. The business has a 50-day moving average price of $24.73 and a 200 day moving average price of $18.85.

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

DAQO New Energy announced that its board has authorized a share repurchase program on Tuesday, August 26th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

DQ has been the subject of a number of analyst reports. The Goldman Sachs Group downgraded DAQO New Energy from a "neutral" rating to a "sell" rating in a research report on Thursday, September 18th. HSBC upgraded shares of DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price target for the company in a report on Wednesday, August 27th. Roth Capital reiterated a "neutral" rating and set a $25.00 price target on shares of DAQO New Energy in a report on Thursday, September 18th. Hsbc Global Res upgraded shares of DAQO New Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 27th. Finally, Citigroup boosted their target price on shares of DAQO New Energy from $27.00 to $37.00 and gave the stock a "buy" rating in a research note on Monday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $25.84.

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.

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