Taikang Asset Management Hong Kong Co Ltd Invests $3.26 Million in DAQO New Energy Corp. $DQ

Key Points

• Taikang Asset Management Hong Kong has invested $3.26 million in DAQO New Energy Corp., acquiring 180,000 shares, which represents approximately 0.27% of the company's stock.
• Other institutional investors are also increasing their stakes, with HSBC Holdings PLC raising its position by 514.3% and owning around 501,145 shares valued at $9.03 million.
• DAQO New Energy's stock has seen fluctuations, with a 12-month low of $12.40 and a high of $30.85, and currently has an average rating of "Moderate Buy" with a consensus target price of $23.22.

Taikang Asset Management Hong Kong Co Ltd bought a new position in DAQO New Energy Corp. (NYSE:DQ - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 180,000 shares of the semiconductor company's stock, valued at approximately $3,260,000. Taikang Asset Management Hong Kong Co Ltd owned about 0.27% of DAQO New Energy as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Jump Financial LLC bought a new stake in shares of DAQO New Energy in the 1st quarter worth about $2,160,000. Hsbc Holdings PLC increased its holdings in shares of DAQO New Energy by 514.3% in the 1st quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company's stock worth $9,026,000 after buying an additional 419,569 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of DAQO New Energy in the 1st quarter worth about $967,000. American Century Companies Inc. increased its holdings in shares of DAQO New Energy by 4.7% in the 1st 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 last quarter. Finally, Tejara Capital Ltd bought a new stake in shares of DAQO New Energy in the 1st quarter worth about $1,811,000. 47.22% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Citigroup assumed coverage on shares of DAQO New Energy in a report on Friday, July 18th. They set a "buy" rating and a $27.00 price target on the stock. HSBC upgraded shares of DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price target on the stock in a report on Wednesday. Glj Research reiterated a "buy" rating and set a $30.51 price target on shares of DAQO New Energy in a report on Tuesday. Wall Street Zen upgraded shares of DAQO New Energy from a "strong sell" rating to a "hold" rating in a report on Saturday. Finally, Hsbc Global Res upgraded shares of DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $26.10.

DAQO New Energy Stock Performance

DAQO New Energy stock traded up $2.75 during trading hours on Friday, hitting $25.59. The company had a trading volume of 2,673,604 shares, compared to its average volume of 886,372. The firm has a market cap of $1.72 billion, a P/E ratio of -4.38 and a beta of 0.48. DAQO New Energy Corp. has a 1 year low of $12.40 and a 1 year high of $30.85. The company has a 50-day moving average price of $20.67 and a two-hundred day moving average price of $17.72.

DAQO New Energy (NYSE:DQ - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $140.54 million. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. As a group, equities research analysts anticipate that DAQO New Energy Corp. will post -3.5 EPS for the current year.

DAQO New Energy announced that its board has initiated a stock repurchase plan on Tuesday, August 26th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

About DAQO New Energy

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.