Hsbc Holdings PLC Acquires 419,569 Shares of DAQO New Energy Corp. $DQ

Key Points

• Hsbc Holdings PLC significantly increased its stake in DAQO New Energy Corp. by acquiring an additional 419,569 shares, bringing its total holdings to 501,145 shares worth approximately $9.03 million.
• Several institutional investors also altered their positions in DAQO, with notable increases from firms like Aberdeen Group plc and Caitong International Asset Management, reflecting growing interest in the semiconductor stock.
• Despite recent upgrades and downgrades from analysts, the stock currently has a "Moderate Buy" rating, with a consensus price target of $23.22.

Hsbc Holdings PLC lifted its holdings in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) by 514.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 501,145 shares of the semiconductor company's stock after purchasing an additional 419,569 shares during the period. Hsbc Holdings PLC owned about 0.75% of DAQO New Energy worth $9,026,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in DQ. Quantbot Technologies LP bought a new stake in DAQO New Energy in the first quarter worth $967,000. American Century Companies Inc. increased its holdings in shares of DAQO New Energy by 4.7% in the first quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company's stock worth $3,995,000 after buying an additional 9,885 shares during the period. Tejara Capital Ltd bought a new stake in shares of DAQO New Energy in the 1st quarter valued at about $1,811,000. Aberdeen Group plc boosted its holdings in DAQO New Energy by 64.1% during the 1st quarter. Aberdeen Group plc now owns 100,345 shares of the semiconductor company's stock valued at $1,817,000 after acquiring an additional 39,203 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in DAQO New Energy by 86,700.0% during 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 acquiring an additional 1,734 shares during the period. Hedge funds and other institutional investors own 47.22% of the company's stock.

DAQO New Energy Stock Performance

DQ opened at $22.8750 on Monday. The stock has a market capitalization of $1.53 billion, a PE ratio of -3.51 and a beta of 0.48. The stock's 50 day moving average price is $19.70 and its 200-day moving average price is $17.61. DAQO New Energy Corp. has a 52-week low of $12.40 and a 52-week high of $30.85.

Analyst Upgrades and Downgrades

DQ has been the topic of a number of 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 note on Thursday, July 10th. HSBC downgraded 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 note on Wednesday, April 30th. Hsbc Global Res cut shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Citigroup assumed coverage on shares of DAQO New Energy in a report on Friday, July 18th. They issued a "buy" rating and a $27.00 price target on the stock. Two investment 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 stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $23.22.

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.

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