Vident Advisory LLC Invests $216,000 in DAQO New Energy Corp. $DQ

Key Points

• Vident Advisory LLC has invested approximately $216,000 in DAQO New Energy Corp., acquiring 11,924 shares during the first quarter.
• DAQO New Energy reported a quarterly EPS of ($1.14), exceeding the consensus estimate of ($1.16), while revenue was below expectations at $75.19 million compared to an estimated $140.54 million.
• Multiple analysts have recently revised their ratings and price targets on DAQO New Energy, with Citigroup increasing their target from $27.00 to $37.00 and HSBC upgrading the stock to a "buy" rating.

Vident Advisory LLC acquired a new stake in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,924 shares of the semiconductor company's stock, valued at approximately $216,000.

A number of other hedge funds have also made changes to their positions in the stock. Caitong International Asset Management Co. Ltd increased its holdings in shares of DAQO New Energy by 86,700.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock valued at $31,000 after acquiring an additional 1,734 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in shares of DAQO New Energy by 16.7% during the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock valued at $762,000 after acquiring an additional 5,600 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of DAQO New Energy by 4.7% during the 1st quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company's stock valued at $3,995,000 after acquiring an additional 9,885 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of DAQO New Energy during the 1st quarter valued at about $187,000. Finally, Harvest Portfolios Group Inc. acquired a new position in shares of DAQO New Energy during the 1st quarter valued at about $305,000. Institutional investors and hedge funds own 47.22% of the company's stock.

DAQO New Energy Trading Down 5.3%

Shares of NYSE:DQ opened at $26.28 on Thursday. The firm has a market capitalization of $1.76 billion, a PE ratio of -4.50 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. The business's 50 day moving average is $22.59 and its 200-day moving average is $18.04.

DAQO New Energy (NYSE:DQ - Get Free Report) last posted its earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.16) by $0.02. The business had revenue of $75.19 million during 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%. On average, sell-side analysts predict that DAQO New Energy Corp. will post -3.5 EPS for the current year.

DAQO New Energy declared that its board has approved a stock buyback program on Tuesday, August 26th that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

DQ has been the topic of a number of analyst reports. Glj Research reissued a "buy" rating and set a $30.51 price objective on shares of DAQO New Energy in a report on Tuesday, August 26th. Wall Street Zen lowered DAQO New Energy from a "hold" rating to a "sell" rating in a report on Sunday. Citigroup increased their price objective on DAQO New Energy from $27.00 to $37.00 and gave the company a "buy" rating in a report on Monday. 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. Finally, Hsbc Global Res raised DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 27th. Two equities research 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 MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $28.10.

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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