DAQO New Energy Corp. $DQ Shares Purchased by Hsbc Holdings PLC

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 boosted its holdings in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 514.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 501,145 shares of the semiconductor company's stock after buying an additional 419,569 shares during the quarter. Hsbc Holdings PLC owned approximately 0.75% of DAQO New Energy worth $9,026,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in DAQO New Energy by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company's stock valued at $31,612,000 after buying an additional 26,359 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in shares of DAQO New Energy by 67.5% during the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company's stock worth $17,237,000 after purchasing an additional 357,460 shares during the last quarter. Prudential PLC grew its holdings in shares of DAQO New Energy by 11.8% during the first quarter. Prudential PLC now owns 849,471 shares of the semiconductor company's stock worth $15,384,000 after purchasing an additional 89,431 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of DAQO New Energy during the first quarter worth about $9,372,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of DAQO New Energy by 39.2% during the first quarter. Russell Investments Group Ltd. now owns 411,345 shares of the semiconductor company's stock worth $7,450,000 after purchasing an additional 115,831 shares during the last quarter. Hedge funds and other institutional investors own 47.22% of the company's stock.

DAQO New Energy Trading Up 12.1%

Shares of DQ traded up $2.75 during mid-day trading on Friday, hitting $25.59. 2,673,604 shares of the company's stock were exchanged, compared to its average volume of 886,372. DAQO New Energy Corp. has a fifty-two week low of $12.40 and a fifty-two week high of $30.85. The firm has a market capitalization of $1.72 billion, a P/E ratio of -4.38 and a beta of 0.48. The business's 50 day moving average is $20.67 and its two-hundred day moving average is $17.72.

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

DAQO New Energy announced that its Board of Directors has authorized a stock repurchase program on Tuesday, August 26th that allows the company to buyback $0.00 in shares. This buyback authorization allows the semiconductor company to buy shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have issued reports on DQ. HSBC raised DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price objective on the stock in a report on Wednesday. Citigroup began coverage on DAQO New Energy in a report on Friday, July 18th. They set a "buy" rating and a $27.00 price objective on the stock. Hsbc Global Res raised DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Wall Street Zen raised DAQO New Energy from a "strong sell" rating to a "hold" rating in a report on Saturday. Finally, Glj Research reaffirmed a "buy" rating and set a $30.51 price objective on shares of DAQO New Energy in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $26.10.

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.