Zacks Investment Research upgraded shares of DAQO New Energy Corp. (NYSE:DQ) from a hold rating to a strong-buy rating in a report issued on Friday. The firm currently has $27.00 price objective on the semiconductor company’s stock.
According to Zacks, “Daqo New Energy Corp. is engaged in the manufacture and sale of high-quality polysilicon to photovoltaic product manufacturers. The polysilicon is further processed into ingots, wafers, cells and modules for solar power solutions. Daqo New Energy Corp., formerly known as Mega Stand International Limited, is headquartered in Wanzhou, The People’s Republic of China. “
Separately, Roth Capital set a $35.00 price target on shares of DAQO New Energy Corp. and gave the company a buy rating in a research report on Saturday, May 13th.
DAQO New Energy Corp. (DQ) opened at 23.75 on Friday. DAQO New Energy Corp. has a 52 week low of $18.01 and a 52 week high of $27.60. The firm has a market cap of $249.83 million, a price-to-earnings ratio of 4.31 and a beta of 1.73. The firm’s 50-day moving average is $20.49 and its 200-day moving average is $21.60.
DAQO New Energy Corp. (NYSE:DQ) last issued its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $2.23 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.76. The business had revenue of $83.81 million during the quarter, compared to the consensus estimate of $72.50 million. DAQO New Energy Corp. had a net margin of 22.75% and a return on equity of 22.97%. During the same quarter in the previous year, the firm earned $1.12 EPS. On average, equities analysts anticipate that DAQO New Energy Corp. will post $4.98 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC increased its stake in DAQO New Energy Corp. by 2,167.5% in the first quarter. Acadian Asset Management LLC now owns 161,783 shares of the semiconductor company’s stock valued at $3,036,000 after buying an additional 154,648 shares during the period. State of Wisconsin Investment Board acquired a new stake in DAQO New Energy Corp. during the first quarter valued at approximately $217,000. Trexquant Investment LP acquired a new stake in DAQO New Energy Corp. during the first quarter valued at approximately $196,000. Rational Advisors LLC increased its stake in DAQO New Energy Corp. by 18.4% in the first quarter. Rational Advisors LLC now owns 5,800 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 900 shares during the period. Finally, Ecofin Ltd. acquired a new stake in DAQO New Energy Corp. during the first quarter valued at approximately $1,583,000. Hedge funds and other institutional investors own 30.06% of the company’s stock.
About DAQO New Energy Corp.
Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company’s segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions.
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