Invesco Ltd. Cuts Holdings in DAQO New Energy Corp. $DQ

Key Points

• Invesco Ltd. has reduced its stake in DAQO New Energy Corp. by 5.7% during the first quarter, now holding 1,401,128 shares valued at approximately $25.37 million.
• A significant shift in institutional investments has been noted, with Northern Trust Corp. increasing its stake by 27.2% and Barclays PLC raising its stake by an impressive 587.8% during the last quarter.
• Research analysts have mixed opinions on DAQO's stock, with ratings ranging from buy to hold, and a consensus target price of $23.22 is set for the shares.

Invesco Ltd. lowered its position in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,401,128 shares of the semiconductor company's stock after selling 84,513 shares during the period. Invesco Ltd. owned approximately 2.09% of DAQO New Energy worth $25,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. XTX Topco Ltd bought a new stake in DAQO New Energy in the first quarter worth about $316,000. Nuveen Asset Management LLC lifted its stake in DAQO New Energy by 16.7% in the fourth quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock worth $762,000 after purchasing an additional 5,600 shares during the last quarter. Symmetry Investments LP bought a new stake in DAQO New Energy in the fourth quarter worth about $1,040,000. Susquehanna Fundamental Investments LLC bought a new stake in DAQO New Energy in the fourth quarter worth about $1,187,000. Finally, Caxton Associates LP bought a new stake in DAQO New Energy in the fourth quarter worth about $1,534,000. Institutional investors own 47.22% of the company's stock.

Analyst Ratings Changes

DQ has been the subject of several analyst reports. Hsbc Global Res downgraded shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. Citigroup initiated coverage on shares of DAQO New Energy in a research note on Friday, July 18th. They set a "buy" rating and a $27.00 price target for the company. HSBC downgraded shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price target for the company. in a research note on Wednesday, April 30th. Finally, Glj Research reaffirmed a "buy" rating and set a $30.51 price target on shares of DAQO New Energy in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $21.42.

DAQO New Energy Stock Down 1.1%

DQ stock traded down $0.26 during trading on Tuesday, hitting $23.64. 2,719,799 shares of the company's stock traded hands, compared to its average volume of 931,399. The firm has a market capitalization of $1.59 billion, a P/E ratio of -3.63 and a beta of 0.48. The business has a fifty day simple moving average of $20.08 and a two-hundred day simple moving average of $17.67. DAQO New Energy Corp. has a 1 year low of $12.40 and a 1 year high of $30.85.

DAQO New Energy (NYSE:DQ - Get Free Report) last issued its quarterly earnings data on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.16) by $0.02. The company had revenue of $75.19 million for the quarter, compared to analyst estimates of $140.54 million. DAQO New Energy had a negative net margin of 58.63% and a negative return on equity of 7.16%. On average, equities research analysts predict that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

DAQO New Energy declared that its Board of Directors has initiated a stock buyback plan 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. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.