Daqo New Energy Corp. (NYSE:DQ) Receives $22.26 Average Target Price from Brokerages

Shares of Daqo New Energy Corp. (NYSE:DQ) have received an average recommendation of “Buy” from the eight research firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $22.26.

A number of analysts have recently weighed in on DQ shares. Hsbc Global Res upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Daiwa America raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Daiwa Capital Markets raised Daqo New Energy from a “neutral” rating to an “outperform” rating in a research report on Wednesday, October 30th. Finally, StockNews.com raised Daqo New Energy to a “sell” rating in a report on Monday, September 23rd.

Daqo New Energy Stock Performance

Daqo New Energy stock opened at $20.85 on Friday. Daqo New Energy has a fifty-two week low of $13.62 and a fifty-two week high of $30.85. The stock’s 50 day simple moving average is $20.11 and its two-hundred day simple moving average is $18.20. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of -11.27 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.12). The firm had revenue of $198.50 million for the quarter, compared to the consensus estimate of $186.90 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. On average, analysts predict that Daqo New Energy will post -3.5 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Waterfront Wealth Inc. raised its position in Daqo New Energy by 11.2% in the 2nd quarter. Waterfront Wealth Inc. now owns 103,893 shares of the semiconductor company’s stock worth $1,517,000 after buying an additional 10,498 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Daqo New Energy by 22.2% during the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after purchasing an additional 1,470 shares during the last quarter. Headlands Technologies LLC bought a new position in Daqo New Energy during the second quarter valued at approximately $398,000. American Century Companies Inc. boosted its holdings in Daqo New Energy by 6.9% in the second quarter. American Century Companies Inc. now owns 170,368 shares of the semiconductor company’s stock worth $2,487,000 after purchasing an additional 10,942 shares during the last quarter. Finally, Hsbc Holdings PLC grew its position in Daqo New Energy by 47.9% in the 2nd quarter. Hsbc Holdings PLC now owns 20,473 shares of the semiconductor company’s stock worth $299,000 after purchasing an additional 6,628 shares during the period. Hedge funds and other institutional investors own 47.22% of the company’s stock.

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.