Harvest Portfolios Group Inc. acquired a new position in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,821 shares of the semiconductor company's stock, valued at approximately $305,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its holdings in DAQO New Energy by 86,700.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 1,734 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of DAQO New Energy in the 1st quarter worth approximately $187,000. XTX Topco Ltd acquired a new position in shares of DAQO New Energy in the 1st quarter worth approximately $316,000. Nuveen Asset Management LLC boosted its stake in shares of 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 last quarter. Finally, Nuveen LLC acquired a new stake in shares of DAQO New Energy during the first quarter worth $837,000. 47.22% of the stock is owned by institutional investors and hedge funds.
DAQO New Energy Stock Performance
Shares of DAQO New Energy stock traded up $0.76 during mid-day trading on Tuesday, hitting $26.11. 1,394,887 shares of the stock were exchanged, compared to its average volume of 937,887. DAQO New Energy Corp. has a 12 month low of $12.40 and a 12 month high of $30.85. The company has a 50-day simple moving average of $21.14 and a 200 day simple moving average of $17.78. The company has a market capitalization of $1.75 billion, a P/E ratio of -4.47 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, beating analysts' consensus estimates of ($1.16) by $0.02. The company 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%. Analysts predict that DAQO New Energy Corp. will post -3.5 EPS for the current year.
DAQO New Energy announced that its board has approved a share buyback program on Tuesday, August 26th that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.
Analysts Set New Price Targets
DQ has been the topic of several recent analyst reports. Hsbc Global Res upgraded shares of DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 27th. Wall Street Zen raised DAQO New Energy from a "strong sell" rating to a "hold" rating in a research report on Saturday. Citigroup started coverage on 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. Glj Research restated a "buy" rating and set a $30.51 target price on shares of DAQO New Energy in a research report on Tuesday, August 26th. Finally, HSBC raised DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 target price for the company in a research note on Wednesday, August 27th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, DAQO New Energy currently has an average rating of "Buy" and an average price target of $26.10.
Check Out Our Latest Stock Analysis on DQ
DAQO New Energy Company Profile
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Free Report)
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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