Daqo New Energy Corp. (NYSE:DQ - Get Rating) has received a consensus recommendation of "Moderate Buy" from the eight analysts that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $80.82.
A number of brokerages have weighed in on DQ. StockNews.com raised shares of Daqo New Energy from a "buy" rating to a "strong-buy" rating in a research note on Friday. JPMorgan Chase & Co. raised shares of Daqo New Energy from a "neutral" rating to an "overweight" rating in a research note on Wednesday, May 4th. They noted that the move was a valuation call. Daiwa Capital Markets boosted their target price on shares of Daqo New Energy from $47.00 to $80.00 in a research note on Tuesday, July 12th. Finally, TheStreet raised shares of Daqo New Energy from a "c+" rating to a "b-" rating in a research note on Friday, May 6th.
Daqo New Energy Stock Down 3.4 %
Shares of DQ stock opened at $64.53 on Friday. Daqo New Energy has a 12-month low of $32.20 and a 12-month high of $81.10. The company has a market capitalization of $4.81 billion, a P/E ratio of 3.08 and a beta of 0.30. The firm has a 50-day moving average price of $63.68 and a 200 day moving average price of $49.96.
Daqo New Energy declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 1st that permits the company to buyback $0.00 in shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. boosted its holdings in shares of Daqo New Energy by 31.3% in the fourth quarter. Invesco Ltd. now owns 3,127,082 shares of the semiconductor company's stock valued at $126,084,000 after buying an additional 745,728 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Daqo New Energy by 0.9% in the first quarter. Vanguard Group Inc. now owns 2,147,973 shares of the semiconductor company's stock valued at $88,753,000 after buying an additional 19,268 shares during the period. Handelsbanken Fonder AB lifted its position in shares of Daqo New Energy by 37.1% in the fourth quarter. Handelsbanken Fonder AB now owns 1,212,935 shares of the semiconductor company's stock worth $48,906,000 after purchasing an additional 328,414 shares in the last quarter. CI Investments Inc. lifted its position in shares of Daqo New Energy by 7.5% in the first quarter. CI Investments Inc. now owns 1,006,066 shares of the semiconductor company's stock worth $41,571,000 after purchasing an additional 70,352 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of Daqo New Energy by 511.5% in the fourth quarter. Nuveen Asset Management LLC now owns 709,360 shares of the semiconductor company's stock worth $28,601,000 after purchasing an additional 593,360 shares in the last quarter. Institutional investors and hedge funds own 70.99% of the company's stock.
Daqo New Energy Company Profile
Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufactures 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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