DAQO New Energy Corp. (NYSE:DQ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday, July 21st. The firm currently has a $27.00 price objective on the semiconductor company’s stock. Zacks Investment Research‘s price target points to a potential upside of 6.85% from the company’s current price.
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 target price on DAQO New Energy Corp. and gave the stock a “buy” rating in a report on Monday, June 26th.
DAQO New Energy Corp. (DQ) opened at 25.27 on Friday. The firm has a market capitalization of $265.82 million, a PE ratio of 4.59 and a beta of 1.75. The stock’s 50 day moving average is $21.44 and its 200-day moving average is $21.84. DAQO New Energy Corp. has a 1-year low of $18.01 and a 1-year high of $27.60.
DAQO New Energy Corp. (NYSE:DQ) last released its earnings results on Tuesday, May 9th. The semiconductor company reported $2.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.76. The firm had revenue of $83.81 million for the quarter, compared to analyst estimates of $72.50 million. DAQO New Energy Corp. had a return on equity of 22.97% and a net margin of 22.75%. During the same period in the previous year, the company earned $1.12 earnings per share. Equities research analysts forecast that DAQO New Energy Corp. will post $4.98 EPS for the current year.
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A number of institutional investors have recently modified their holdings of the company. Boston Partners bought a new position in shares of DAQO New Energy Corp. during the second quarter worth $3,625,000. Acadian Asset Management LLC boosted its position in shares of 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 worth $3,036,000 after buying an additional 154,648 shares in the last quarter. Summit Partners Public Asset Management LLC boosted its position in shares of DAQO New Energy Corp. by 94.9% in the first quarter. Summit Partners Public Asset Management LLC now owns 220,000 shares of the semiconductor company’s stock worth $4,129,000 after buying an additional 107,100 shares in the last quarter. Ecofin Ltd. bought a new position in shares of DAQO New Energy Corp. during the first quarter worth $1,583,000. Finally, Morgan Stanley boosted its position in shares of DAQO New Energy Corp. by 243.5% in the first quarter. Morgan Stanley now owns 100,534 shares of the semiconductor company’s stock worth $1,888,000 after buying an additional 71,264 shares in the last quarter. 30.26% of the stock is currently owned by hedge funds and other institutional investors.
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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