Vanguard Group Inc. Increases Stock Holdings in DAQO New Energy Corp. $DQ

Key Points

• Vanguard Group Inc. increased its holdings in DAQO New Energy Corp. by 1.5%, owning approximately 1,745,544 shares valued at $31.6 million.
• DAQO New Energy reported a loss of ($1.14) earnings per share for the last quarter, exceeding analysts' expectations but falling short of revenue projections with $75.19 million.
• Several analysts have recently given buy ratings on DAQO New Energy, with price targets ranging from $27.00 to $31.00, indicating positive sentiment about the stock's potential.

Vanguard Group Inc. boosted its position in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,745,544 shares of the semiconductor company's stock after buying an additional 26,359 shares during the period. Vanguard Group Inc. owned 2.64% of DAQO New Energy worth $31,612,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in shares of DAQO New Energy in the first quarter valued at approximately $9,372,000. Point72 Asset Management L.P. increased its position in shares of DAQO New Energy by 67.5% during the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company's stock worth $17,237,000 after acquiring an additional 357,460 shares during the period. Point72 Europe London LLP purchased a new stake in shares of DAQO New Energy during the fourth quarter worth $3,742,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in DAQO New Energy in the fourth quarter valued at $3,732,000. Finally, Point72 Hong Kong Ltd purchased a new position in DAQO New Energy in the fourth quarter valued at $3,287,000. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on DQ shares. Citigroup began coverage on DAQO New Energy in a research note on Friday, July 18th. They set a "buy" rating and a $27.00 price objective for the company. Hsbc Global Res raised DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 27th. HSBC raised DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 target price on the stock in a report on Wednesday, August 27th. Wall Street Zen upgraded DAQO New Energy from a "strong sell" rating to a "hold" rating in a research report on Saturday. Finally, Glj Research reiterated a "buy" rating and set a $30.51 target price on shares of DAQO New Energy in a research report on Tuesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $26.10.

DAQO New Energy Trading Up 12.1%

Shares of DAQO New Energy stock traded up $2.75 during trading hours on Monday, reaching $25.59. The stock had a trading volume of 2,673,604 shares, compared to its average volume of 976,310. The firm has a 50 day simple moving average of $20.67 and a two-hundred day simple moving average of $17.70. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of -4.38 and a beta of 0.50. 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 released its quarterly earnings data on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.16) by $0.02. The company had revenue of $75.19 million for the quarter, compared to the consensus estimate of $140.54 million. DAQO New Energy had a negative return on equity of 6.54% and a negative net margin of 65.64%. Sell-side analysts forecast that DAQO New Energy Corp. will post -3.5 EPS for the current year.

DAQO New Energy announced that its Board of Directors has approved a stock repurchase plan on Tuesday, August 26th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is 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.