Daqo New Energy (DQ) Shares Up 15.5%

Shares of Daqo New Energy Corp (NYSE:DQ) shot up 15.5% during trading on Tuesday . The stock traded as high as $62.77 and last traded at $61.51. 620,291 shares were traded during mid-day trading, an increase of 60% from the average session volume of 388,179 shares. The stock had previously closed at $53.27.

Several brokerages have commented on DQ. Roth Capital raised their price objective on shares of Daqo New Energy from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, November 6th. Zacks Investment Research lowered shares of Daqo New Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, TheStreet upgraded shares of Daqo New Energy from a “c+” rating to a “b” rating in a report on Wednesday, November 15th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $57.50.

The company has a debt-to-equity ratio of 0.34, a current ratio of 0.57 and a quick ratio of 0.49. The firm has a market cap of $646.98, a price-to-earnings ratio of 10.48, a P/E/G ratio of 1.37 and a beta of 1.61.

A number of institutional investors and hedge funds have recently modified their holdings of DQ. Acadian Asset Management LLC lifted its holdings in Daqo New Energy by 204.9% in the fourth quarter. Acadian Asset Management LLC now owns 395,275 shares of the semiconductor company’s stock worth $23,494,000 after buying an additional 265,634 shares during the period. Bogle Investment Management L P DE purchased a new position in shares of Daqo New Energy during the fourth quarter valued at approximately $14,529,000. Penserra Capital Management LLC purchased a new position in shares of Daqo New Energy during the fourth quarter valued at approximately $6,955,000. Millennium Management LLC purchased a new position in shares of Daqo New Energy during the fourth quarter valued at approximately $6,321,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Daqo New Energy by 51.7% during the fourth quarter. Renaissance Technologies LLC now owns 278,500 shares of the semiconductor company’s stock valued at $16,554,000 after purchasing an additional 94,900 shares during the last quarter. Institutional investors and hedge funds own 35.15% of the company’s stock.

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Daqo New Energy 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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