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 acquired a new position in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 180,000 shares of the semiconductor company's stock, valued at approximately $3,260,000. Taikang Asset Management Hong Kong Co Ltd owned approximately 0.27% of DAQO New Energy as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Jump Financial LLC acquired a new position in DAQO New Energy during the first quarter worth $2,160,000. Hsbc Holdings PLC raised its position in shares of DAQO New Energy by 514.3% in the first quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company's stock valued at $9,026,000 after purchasing an additional 419,569 shares during the period. Quantbot Technologies LP bought a new position in shares of DAQO New Energy in the first quarter valued at about $967,000. American Century Companies Inc. raised its position in shares of DAQO New Energy by 4.7% in the first quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company's stock valued at $3,995,000 after purchasing an additional 9,885 shares during the period. Finally, Tejara Capital Ltd bought a new position in shares of DAQO New Energy in the first quarter valued at about $1,811,000. Institutional investors and hedge funds own 47.22% of the company's stock.

DAQO New Energy Stock Up 1.8%

DQ stock opened at $22.8750 on Monday. DAQO New Energy Corp. has a 12 month low of $12.40 and a 12 month high of $30.85. The firm has a market cap of $1.53 billion, a P/E ratio of -3.51 and a beta of 0.48. The company's 50-day moving average price is $19.70 and its two-hundred day moving average price is $17.61.

Analyst Upgrades and Downgrades

DQ has been the topic of a number of recent research reports. Hsbc Global Res lowered shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Glj Research raised shares of DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price target on the stock in a research report on Thursday, July 10th. Citigroup initiated coverage on shares of DAQO New Energy in a research report on Friday, July 18th. They set a "buy" rating and a $27.00 price target on the stock. Finally, HSBC lowered shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price target on the stock. in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $23.22.

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.

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