DAQO New Energy Corp. (DQ) Rating Increased to Strong-Buy at Zacks Investment Research

DAQO New Energy Corp. (NYSE:DQ) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Friday, July 21st. The firm presently has a $27.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 5.14% from the stock’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.

Shares of DAQO New Energy Corp. (NYSE DQ) opened at 25.68 on Friday. DAQO New Energy Corp. has a 52-week low of $18.01 and a 52-week high of $30.80. The stock has a market capitalization of $270.38 million, a P/E ratio of 5.36 and a beta of 1.75. The firm’s 50-day moving average price is $22.84 and its 200-day moving average price is $22.05.

DAQO New Energy Corp. (NYSE:DQ) last issued its earnings results on Tuesday, August 8th. The semiconductor company reported $1.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.38 by $0.19. The company had revenue of $76 million during the quarter, compared to analyst estimates of $71.80 million. DAQO New Energy Corp. had a return on equity of 19.47% and a net margin of 19.35%. During the same quarter in the previous year, the firm earned $1.87 earnings per share. Equities analysts forecast that DAQO New Energy Corp. will post $5.21 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of DQ. Boston Partners bought a new position in shares of DAQO New Energy Corp. during the second quarter worth about $3,625,000. Acadian Asset Management LLC boosted its stake in shares of DAQO New Energy Corp. by 11.1% in the second quarter. Acadian Asset Management LLC now owns 179,664 shares of the semiconductor company’s stock valued at $3,729,000 after buying an additional 17,881 shares during the period. Summit Partners Public Asset Management LLC boosted its stake 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 valued at $4,129,000 after buying an additional 107,100 shares during the period. KCG Holdings Inc. acquired a new stake in shares of DAQO New Energy Corp. during the first quarter valued at approximately $377,000. Finally, Morgan Stanley boosted its stake 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 valued at $1,888,000 after buying an additional 71,264 shares during the period. Institutional investors and hedge funds own 30.17% of the company’s stock.

DAQO New Energy Corp. Company Profile

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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