Vident Advisory LLC Purchases New Shares 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 purchased a new stake in shares of DAQO New Energy Corp. (NYSE:DQ - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,924 shares of the semiconductor company's stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its stake 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 buying an additional 1,734 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of DAQO New Energy in the first quarter valued at about $187,000. Harvest Portfolios Group Inc. bought a new position in shares of DAQO New Energy in the first quarter worth about $305,000. XTX Topco Ltd purchased a new stake in shares of DAQO New Energy during the first quarter worth about $316,000. Finally, Nuveen Asset Management LLC raised its stake in 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 purchasing an additional 5,600 shares during the period. 47.22% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on DQ shares. Citigroup upped their price target on DAQO New Energy from $27.00 to $37.00 and gave the stock a "buy" rating in a research note on Monday, September 8th. Wall Street Zen upgraded shares of DAQO New Energy from a "sell" rating to a "hold" rating in a research note on Monday. HSBC upgraded DAQO New Energy from a "hold" rating to a "buy" rating and set a $31.00 price objective for the company in a research report on Wednesday, August 27th. Glj Research reiterated a "buy" rating and issued a $30.51 target price on shares of DAQO New Energy in a research report on Tuesday, August 26th. Finally, Hsbc Global Res upgraded DAQO New Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 27th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $28.10.

DAQO New Energy Stock Performance

Shares of NYSE DQ traded up $0.02 during mid-day trading on Tuesday, hitting $27.40. The stock had a trading volume of 855,280 shares, compared to its average volume of 1,392,167. The firm has a market cap of $1.84 billion, a PE ratio of -4.69 and a beta of 0.50. The company has a 50 day moving average of $23.22 and a two-hundred day moving average of $18.17. DAQO New Energy Corp. has a twelve month low of $12.40 and a twelve month high of $30.85.

DAQO New Energy (NYSE:DQ - Get Free Report) last posted its quarterly earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.16) by $0.02. DAQO New Energy had a negative net margin of 65.64% and a negative return on equity of 6.54%. The company had revenue of $75.19 million during the quarter, compared to analyst estimates of $140.54 million. Equities research analysts predict that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

DAQO New Energy announced that its Board of Directors has approved a share repurchase program on Tuesday, August 26th that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

DAQO New Energy Company 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.