Continental General Insurance Co. Acquires 675,784 Shares of DAQO New Energy Corp. $DQ

Continental General Insurance Co. boosted its holdings in shares of DAQO New Energy Corp. (NYSE:DQ) by 11.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,641,986 shares of the semiconductor company’s stock after acquiring an additional 675,784 shares during the period. DAQO New Energy accounts for approximately 36.3% of Continental General Insurance Co.’s investment portfolio, making the stock its biggest position. Continental General Insurance Co. owned about 0.10% of DAQO New Energy worth $186,839,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Allianz Asset Management GmbH acquired a new position in shares of DAQO New Energy during the 3rd quarter worth approximately $11,673,000. FengHe Fund Management Pte. Ltd. grew its position in shares of DAQO New Energy by 62.4% in the third quarter. FengHe Fund Management Pte. Ltd. now owns 469,833 shares of the semiconductor company’s stock valued at $13,216,000 after purchasing an additional 180,457 shares in the last quarter. Vontobel Holding Ltd. acquired a new stake in shares of DAQO New Energy in the third quarter valued at approximately $1,585,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in DAQO New Energy by 39.1% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,364 shares of the semiconductor company’s stock worth $476,000 after buying an additional 8,815 shares in the last quarter. Finally, Luminus Management LLC purchased a new position in DAQO New Energy during the third quarter worth approximately $1,125,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on DQ shares. Weiss Ratings reissued a “sell (d-)” rating on shares of DAQO New Energy in a research note on Monday, December 29th. New Street Research set a $18.13 price target on DAQO New Energy in a report on Tuesday, February 3rd. Finally, Glj Research cut shares of DAQO New Energy from a “buy” rating to a “sell” rating and lowered their price target for the company from $30.51 to $18.13 in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $25.43.

DAQO New Energy Stock Performance

DQ opened at $23.08 on Friday. The stock has a market capitalization of $1.55 billion, a PE ratio of -9.09 and a beta of 0.68. DAQO New Energy Corp. has a one year low of $12.40 and a one year high of $36.59. The business’s 50 day moving average price is $24.90 and its 200 day moving average price is $27.87.

DAQO New Energy (NYSE:DQ) last posted its earnings results on Thursday, February 26th. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). DAQO New Energy had a negative return on equity of 2.92% and a negative net margin of 25.62%.The business had revenue of $221.71 million for the quarter, compared to analyst estimates of $276.94 million. As a group, equities research analysts forecast that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy Company Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.