Daqo New Energy (NYSE:DQ) Raised 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 research note published on Wednesday, Zacks.com reports.

A number of other research firms have also recently issued reports on DQ. Roth Mkm lowered their target price on Daqo New Energy from $23.00 to $15.00 and set a neutral rating for the company in a report on Wednesday, August 28th. The Goldman Sachs Group initiated coverage on Daqo New Energy in a report on Thursday, July 11th. They set a buy rating for the company. StockNews.com upgraded Daqo New Energy to a sell rating in a report on Monday, September 23rd. HSBC upgraded Daqo New Energy from a hold rating to a buy rating in a report on Wednesday. Finally, Nomura Securities upgraded Daqo New Energy to a strong-buy rating in a report on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $22.26.

Daqo New Energy Trading Up 11.6 %

Shares of Daqo New Energy stock opened at $24.41 on Wednesday. The company has a market capitalization of $1.61 billion, a PE ratio of 11.24 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. The stock’s fifty day simple moving average is $16.42 and its 200 day simple moving average is $19.19.

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

Daqo New Energy announced that its Board of Directors has initiated a stock buyback plan on Monday, July 22nd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the semiconductor company to purchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Daqo New Energy

Several hedge funds have recently bought and sold shares of DQ. PNC Financial Services Group Inc. lifted its position in Daqo New Energy by 117.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 858 shares during the last quarter. Blue Trust Inc. lifted its position in Daqo New Energy by 12,187.5% during the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 1,950 shares during the last quarter. AXA S.A. lifted its position in Daqo New Energy by 202.3% during the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after acquiring an additional 4,274 shares during the last quarter. Rhumbline Advisers lifted its position 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 during the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in Daqo New Energy during the first quarter worth approximately $256,000. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.