Daqo New Energy (NYSE:DQ) Stock Rating Lowered by StockNews.com

Daqo New Energy (NYSE:DQ) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Tuesday.

Several other equities research analysts have also recently weighed in on DQ. The Goldman Sachs Group assumed coverage on shares of Daqo New Energy in a research note on Thursday, July 11th. They issued a “buy” rating for the company. HSBC reissued a “reduce” rating and set a $17.50 price objective (down previously from $23.50) on shares of Daqo New Energy in a report on Monday, May 6th. Finally, Roth Mkm restated a “neutral” rating and issued a $23.00 target price on shares of Daqo New Energy in a research note on Tuesday, April 30th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Daqo New Energy has a consensus rating of “Hold” and an average target price of $21.83.

Daqo New Energy Price Performance

Shares of Daqo New Energy stock traded up $0.40 during midday trading on Tuesday, hitting $16.46. The company had a trading volume of 537,000 shares, compared to its average volume of 1,084,190. The stock has a market cap of $1.09 billion, a PE ratio of 7.73 and a beta of 0.28. Daqo New Energy has a 1-year low of $14.21 and a 1-year high of $37.92. The business’s 50 day simple moving average is $17.15 and its two-hundred day simple moving average is $20.45.

Daqo New Energy declared that its board has initiated a stock 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 reacquire up to 8.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Sylebra Capital LLC acquired a new position in Daqo New Energy in the first quarter valued at approximately $13,025,000. BNP Paribas Financial Markets boosted its position in shares of Daqo New Energy by 142.1% in the 1st quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock worth $19,617,000 after purchasing an additional 409,057 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Daqo New Energy by 23.8% during the fourth quarter. Mackenzie Financial Corp now owns 1,794,353 shares of the semiconductor company’s stock worth $47,730,000 after purchasing an additional 344,616 shares during the period. Jupiter Asset Management Ltd. bought a new stake in Daqo New Energy in the first quarter valued at about $9,647,000. Finally, Ariose Capital Management Ltd increased its holdings in Daqo New Energy by 23.9% in the second quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company’s stock valued at $17,244,000 after purchasing an additional 228,200 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.