Sylebra Capital LLC Buys Shares of 462,712 Daqo New Energy Corp. (NYSE:DQ)

Sylebra Capital LLC purchased a new position in shares of Daqo New Energy Corp. (NYSE:DQ) in the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 462,712 shares of the semiconductor company’s stock, valued at approximately $13,025,000. Daqo New Energy comprises 0.4% of Sylebra Capital LLC’s holdings, making the stock its 27th biggest position.

Several other large investors also recently added to or reduced their stakes in the company. Caxton Associates LP boosted its holdings in Daqo New Energy by 250.3% in the 1st quarter. Caxton Associates LP now owns 140,787 shares of the semiconductor company’s stock worth $3,963,000 after buying an additional 100,594 shares during the period. Shell Asset Management Co. boosted its holdings in shares of Daqo New Energy by 20.6% in the first quarter. Shell Asset Management Co. now owns 10,734 shares of the semiconductor company’s stock worth $302,000 after acquiring an additional 1,834 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Daqo New Energy in the first quarter valued at $3,457,000. Jupiter Asset Management Ltd. bought a new stake in shares of Daqo New Energy during the 1st quarter valued at $9,647,000. Finally, Daiwa Securities Group Inc. purchased a new stake in Daqo New Energy during the 1st quarter worth about $256,000. Hedge funds and other institutional investors own 47.22% of the company’s stock.

Daqo New Energy Price Performance

Shares of NYSE:DQ traded down $0.49 on Tuesday, hitting $16.86. The company’s stock had a trading volume of 604,555 shares, compared to its average volume of 1,108,553. Daqo New Energy Corp. has a 1 year low of $14.21 and a 1 year high of $40.13. The company has a market capitalization of $1.11 billion, a PE ratio of 7.92 and a beta of 0.28. The company has a 50-day simple moving average of $18.15 and a 200 day simple moving average of $20.74.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Monday, April 29th. The semiconductor company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.32). Daqo New Energy had a net margin of 7.84% and a return on equity of 2.46%. The company had revenue of $415.31 million during the quarter, compared to analysts’ expectations of $491.90 million. During the same period in the prior year, the business earned $3.52 earnings per share. On average, equities research analysts expect that Daqo New Energy Corp. will post 0.46 earnings per share for the current fiscal year.

Daqo New Energy announced that its board has authorized a stock buyback plan on Monday, July 22nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. The Goldman Sachs Group started coverage on Daqo New Energy in a report on Thursday, July 11th. They set a “buy” rating for the company. Roth Mkm reaffirmed a “neutral” rating and set a $23.00 price objective on shares of Daqo New Energy in a research note on Tuesday, April 30th. Finally, HSBC reiterated a “reduce” rating and issued a $17.50 target price (down from $23.50) on shares of Daqo New Energy in a research note on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $27.63.

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.