Analysts Set DAQO New Energy Corp. (NYSE:DQ) Target Price at $22.35

Shares of DAQO New Energy Corp. (NYSE:DQ) have been assigned an average rating of “Hold” from the eight brokerages that are presently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $22.3514.

Several equities research analysts recently issued reports on DQ shares. Wall Street Zen cut shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Saturday, May 2nd. The Goldman Sachs Group reiterated a “neutral” rating and set a $11.20 target price on shares of DAQO New Energy in a research note on Monday, July 27th. Zacks Research cut DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. Roth Capital set a $19.00 price target on DAQO New Energy in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. cut their price objective on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating for the company in a report on Friday, July 31st.

DAQO New Energy Stock Performance

NYSE DQ opened at $14.64 on Monday. DAQO New Energy has a one year low of $11.38 and a one year high of $36.59. The stock has a 50-day moving average of $13.23 and a 200 day moving average of $18.60. The company has a market capitalization of $990.69 million, a price-to-earnings ratio of -5.27 and a beta of 0.66.

Institutional Investors Weigh In On DAQO New Energy

A number of large investors have recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership bought a new position in shares of DAQO New Energy during the 3rd quarter valued at approximately $18,280,000. Goldman Sachs Group Inc. raised its stake in DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock worth $21,005,000 after acquiring an additional 625,900 shares during the period. Marshall Wace LLP bought a new stake in DAQO New Energy during the 4th quarter worth approximately $16,742,000. Millennium Management LLC lifted its holdings in DAQO New Energy by 1,261.0% during the first quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company’s stock valued at $6,422,000 after purchasing an additional 328,541 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in DAQO New Energy by 22.6% during the fourth quarter. Invesco Ltd. now owns 1,429,565 shares of the semiconductor company’s stock valued at $42,172,000 after purchasing an additional 263,614 shares in the last quarter. 47.22% of the stock is currently owned by institutional investors.

About DAQO New Energy

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.