Hsbc Global Res Upgrades Daqo New Energy (NYSE:DQ) to “Strong-Buy”

Daqo New Energy (NYSE:DQ) was upgraded by research analysts at Hsbc Global Res from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday, Zacks.com reports.

DQ has been the subject of a number of other reports. Roth Mkm dropped their price objective on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, August 28th. Jefferies Financial Group decreased their target price on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research report on Monday, August 26th. HSBC upgraded shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday. The Goldman Sachs Group initiated coverage on shares of Daqo New Energy in a research report on Thursday, July 11th. They issued a “buy” rating on the stock. Finally, StockNews.com upgraded shares of Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Daqo New Energy currently has an average rating of “Moderate Buy” and a consensus target price of $22.26.

Daqo New Energy Trading Down 2.1 %

DQ opened at $21.88 on Wednesday. The company has a 50 day moving average of $16.33 and a 200 day moving average of $19.17. The company has a market cap of $1.44 billion, a PE ratio of 10.27 and a beta of 0.32. Daqo New Energy has a 12 month low of $13.62 and a 12 month high of $30.03.

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

Daqo New Energy declared that its board has initiated a share repurchase plan on Monday, July 22nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Daqo New Energy

Large investors have recently modified their holdings of the stock. Blue Trust Inc. boosted its stake in shares of Daqo New Energy by 12,187.5% during the 2nd quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 1,950 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Daqo New Energy by 117.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 858 shares in the last quarter. AXA S.A. boosted its stake in shares of Daqo New Energy by 202.3% during the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 4,274 shares in the last quarter. Rhumbline Advisers boosted its stake in Daqo New Energy by 22.2% during the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after acquiring an additional 1,470 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in Daqo New Energy by 37.9% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock worth $211,000 after acquiring an additional 3,970 shares in the last quarter. Institutional investors own 47.22% of the company’s stock.

About Daqo New Energy

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.