Zacks Investment Research Lowers DAQO New Energy Corp. (DQ) to Hold

Zacks Investment Research downgraded shares of DAQO New Energy Corp. (NYSE:DQ) from a buy rating to a hold rating in a report published on Tuesday.

According to Zacks, “Daqo New Energy Corp. is engaged in the manufacture and sale of high-quality polysilicon to photovoltaic product manufacturers. The polysilicon is further processed into ingots, wafers, cells and modules for solar power solutions. Daqo New Energy Corp., formerly known as Mega Stand International Limited, is headquartered in Wanzhou, The People’s Republic of China. “

Other equities analysts have also issued research reports about the stock. Roth Capital set a $35.00 price target on shares of DAQO New Energy Corp. and gave the stock a buy rating in a research report on Monday, June 26th. BidaskClub upgraded shares of DAQO New Energy Corp. from a sell rating to a hold rating in a research note on Monday, July 24th. Finally, ValuEngine upgraded shares of DAQO New Energy Corp. from a buy rating to a strong-buy rating in a research note on Friday, September 1st. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $36.00.

DAQO New Energy Corp. (NYSE DQ) opened at 32.60 on Tuesday. DAQO New Energy Corp. has a 12 month low of $18.01 and a 12 month high of $34.64. The firm has a 50-day moving average of $28.06 and a 200 day moving average of $23.19. The stock has a market cap of $343.25 million, a PE ratio of 6.81 and a beta of 1.87.

DAQO New Energy Corp. (NYSE:DQ) last issued its quarterly earnings results on Tuesday, August 8th. The semiconductor company reported $1.19 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.19). DAQO New Energy Corp. had a return on equity of 18.90% and a net margin of 19.35%. The company had revenue of $76.00 million for the quarter, compared to analyst estimates of $71.80 million. During the same period last year, the company posted $1.87 EPS. Analysts anticipate that DAQO New Energy Corp. will post $5.88 EPS for the current year.

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A number of institutional investors and hedge funds have recently added to or reduced their stakes in DQ. Boston Partners purchased a new stake in DAQO New Energy Corp. during the second quarter worth approximately $3,625,000. Dymon Asia Capital Ltd. purchased a new stake in DAQO New Energy Corp. during the second quarter worth approximately $2,886,000. Summit Partners Public Asset Management LLC grew its stake in DAQO New Energy Corp. by 94.9% during the first quarter. Summit Partners Public Asset Management LLC now owns 220,000 shares of the semiconductor company’s stock worth $4,129,000 after buying an additional 107,100 shares during the period. Morgan Stanley grew its stake in DAQO New Energy Corp. by 243.5% during the first quarter. Morgan Stanley now owns 100,534 shares of the semiconductor company’s stock worth $1,888,000 after buying an additional 71,264 shares during the period. Finally, Quentec Asset Management LLC grew its stake in DAQO New Energy Corp. by 5.0% during the second quarter. Quentec Asset Management LLC now owns 977,106 shares of the semiconductor company’s stock worth $20,285,000 after buying an additional 46,888 shares during the period. Institutional investors own 28.39% of the company’s stock.

About DAQO New Energy Corp.

Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company’s segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions.

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