JPMorgan Chase & Co. Purchases 60,002 Shares of DAQO New Energy Corp. $DQ

Key Points

• JPMorgan Chase & Co. increased its stake in DAQO by 165.4% in Q3, buying 60,002 shares to hold 96,270 shares (about 0.14% of the company) valued at roughly $2.71 million.
• Other institutions also moved in: Continental General Insurance now owns 6,641,986 shares (~$186.8M), with new/expanded stakes from Polunin, Arrowstreet and Allianz, leaving institutional investors with 47.22% ownership.
• DAQO missed Q1 expectations with EPS of ($0.11) vs. ($0.04) expected and revenue $221.7M vs. $276.9M expected, has negative margins and ROE, and carries a consensus "Hold" rating with a $25.43 target.

JPMorgan Chase & Co. raised its position in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 165.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,270 shares of the semiconductor company's stock after buying an additional 60,002 shares during the quarter. JPMorgan Chase & Co. owned 0.14% of DAQO New Energy worth $2,708,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in DQ. Polunin Capital Partners Ltd bought a new stake in shares of DAQO New Energy in the third quarter valued at about $37,183,000. Continental General Insurance Co. increased its position in DAQO New Energy by 11.3% during the third quarter. Continental General Insurance Co. now owns 6,641,986 shares of the semiconductor company's stock worth $186,839,000 after acquiring an additional 675,784 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in DAQO New Energy during the third quarter worth about $18,280,000. Goldman Sachs Group Inc. raised its stake in DAQO New Energy by 117.2% in 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, Allianz Asset Management GmbH bought a new stake in DAQO New Energy in the 3rd quarter valued at about $11,673,000. Institutional investors own 47.22% of the company's stock.

DAQO New Energy Stock Down 0.1%

DQ opened at $21.10 on Monday. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -8.31 and a beta of 0.80. DAQO New Energy Corp. has a twelve month low of $12.40 and a twelve month high of $36.59. The company has a 50-day simple moving average of $23.46 and a 200 day simple moving average of $27.40.

DAQO New Energy (NYSE:DQ - Get Free Report) last released its earnings results on Monday, March 2nd. The semiconductor company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The firm had revenue of $221.71 million during the quarter, compared to the consensus estimate of $276.94 million. DAQO New Energy had a negative net margin of 25.62% and a negative return on equity of 2.92%. Sell-side analysts anticipate that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DQ. Glj Research lowered shares of DAQO New Energy from a "buy" rating to a "sell" rating and decreased their target price for the stock from $30.51 to $18.13 in a research report on Tuesday, February 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of DAQO New Energy in a research note on Friday, March 27th. Finally, New Street Research set a $18.13 price target on DAQO New Energy in a research report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $25.43.

DAQO New Energy Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China's Xinjiang Uygur Autonomous Region.

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