Renaissance Technologies LLC Buys New Shares in DAQO New Energy Corp. $DQ

Key Points

• Renaissance Technologies purchased 154,421 shares of DAQO New Energy in the first quarter, valued at approximately $3.29 million and representing 0.23% of the company.
• Institutional investors own 47.22% of DAQO New Energy, with several hedge funds and asset managers recently initiating or expanding positions.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and a $22.35 target price; DQ recently opened at $14.77, well below its 52-week high of $36.59.

Renaissance Technologies LLC purchased a new position in 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 purchased 154,421 shares of the semiconductor company's stock, valued at approximately $3,285,000. Renaissance Technologies LLC owned 0.23% of DAQO New Energy at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quarry LP acquired a new position in shares of DAQO New Energy during the third quarter valued at about $26,000. Farther Finance Advisors LLC grew its stake in shares of DAQO New Energy by 1,650.0% in the 4th quarter. Farther Finance Advisors LLC now owns 1,330 shares of the semiconductor company's stock valued at $39,000 after buying an additional 1,254 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of DAQO New Energy in the 4th quarter valued at about $49,000. Banque Cantonale Vaudoise acquired a new stake in shares of DAQO New Energy in the 4th quarter valued at about $55,000. Finally, Headlands Technologies LLC bought a new stake in DAQO New Energy in the 2nd quarter valued at about $29,000. 47.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DQ. Wall Street Zen downgraded DAQO New Energy from a "hold" rating to a "strong sell" rating in a research note on Saturday, May 2nd. Roth Capital set a $19.00 price objective on DAQO New Energy in a research note on Thursday, April 30th. Zacks Research upgraded DAQO New Energy from a "strong sell" rating to a "hold" rating in a report on Monday, June 29th. Weiss Ratings lowered DAQO New Energy from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. cut their target price on DAQO New Energy from $35.50 to $22.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, DAQO New Energy presently has a consensus rating of "Hold" and a consensus target price of $22.35.

DAQO New Energy Price Performance

DQ opened at $14.77 on Friday. DAQO New Energy Corp. has a fifty-two week low of $11.38 and a fifty-two week high of $36.59. The firm has a market capitalization of $999.42 million, a PE ratio of -5.31 and a beta of 0.66. The company's 50-day moving average is $13.41 and its 200 day moving average is $19.03.

DAQO New Energy Company 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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