Daqo New Energy (NYSE:DQ) Rating Increased to Strong-Buy at Hsbc Global Res

Hsbc Global Res upgraded shares of Daqo New Energy (NYSE:DQ) from a hold rating to a strong-buy rating in a report issued on Wednesday, Zacks.com reports.

A number of other research analysts have also recently issued reports on DQ. HSBC raised shares of Daqo New Energy from a hold rating to a buy rating in a research note on Wednesday. Jefferies Financial Group decreased their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a buy rating on the stock in a research note on Monday, August 26th. Roth Mkm decreased their price objective on shares of Daqo New Energy from $23.00 to $15.00 and set a neutral rating on the stock in a research note on Wednesday, August 28th. The Goldman Sachs Group began coverage on shares of Daqo New Energy in a research note on Thursday, July 11th. They issued a buy rating on the stock. Finally, Nomura Securities raised shares of Daqo New Energy to a strong-buy rating in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $22.26.

Daqo New Energy Trading Up 11.6 %

NYSE DQ opened at $24.41 on Wednesday. Daqo New Energy has a 1-year low of $13.62 and a 1-year high of $30.03. The company has a 50 day moving average of $16.42 and a 200-day moving average of $19.19. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 11.24 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25). The firm had revenue of $219.91 million during the quarter, compared to the consensus estimate of $406.50 million. Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. During the same period last year, the business earned $1.34 earnings per share. On average, equities research analysts forecast that Daqo New Energy will post -3.35 earnings per share for the current year.

Daqo New Energy announced that its board has authorized a share repurchase program 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Daqo New Energy

Institutional investors have recently modified their holdings of the business. Blue Trust Inc. grew its stake in shares of Daqo New Energy by 12,187.5% in the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 1,950 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Daqo New Energy by 117.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 858 shares during the last quarter. AXA S.A. grew its stake in shares of Daqo New Energy by 202.3% in the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after purchasing an additional 4,274 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after purchasing an additional 1,470 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Daqo New Energy by 37.9% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock worth $211,000 after purchasing an additional 3,970 shares during the last quarter. Institutional investors own 47.22% 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 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.