Daqo New Energy (NYSE:DQ) Upgraded by Daiwa Capital Markets to Outperform Rating

Daqo New Energy (NYSE:DQ - Get Free Report) was upgraded by equities researchers at Daiwa Capital Markets from a "neutral" rating to an "outperform" rating in a note issued to investors on Wednesday, MarketBeat.com reports.

DQ has been the subject of a number of other reports. HSBC raised shares of Daqo New Energy from a "hold" rating to a "buy" rating in a report on Wednesday, October 2nd. Nomura Securities upgraded Daqo New Energy to a "strong-buy" rating in a research report on Wednesday, August 28th. StockNews.com upgraded Daqo New Energy to a "sell" rating in a research report on Monday, September 23rd. Daiwa America upgraded shares of Daqo New Energy to a "hold" rating in a research report on Wednesday, October 9th. Finally, Roth Mkm lowered their price objective on shares of Daqo New Energy from $23.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Daqo New Energy has an average rating of "Moderate Buy" and an average target price of $22.26.

Daqo New Energy Price Performance

Shares of NYSE:DQ traded down $0.26 during trading on Wednesday, hitting $22.26. 4,468,490 shares of the company were exchanged, compared to its average volume of 1,186,931. Daqo New Energy has a 52-week low of $13.62 and a 52-week high of $30.85. The stock has a 50 day moving average of $18.42 and a 200 day moving average of $18.47. The company has a market cap of $1.47 billion, a PE ratio of 10.45 and a beta of 0.32.

Daqo New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($1.25). Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. The firm had revenue of $219.91 million during the quarter, compared to the consensus estimate of $406.50 million. During the same quarter last year, the business posted $1.34 earnings per share. Sell-side analysts forecast that Daqo New Energy will post -3.35 EPS for the current fiscal year.

Daqo New Energy declared that its Board of Directors has authorized a stock buyback program on Monday, July 22nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 8.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in shares of Daqo New Energy by 117.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 858 shares during the last quarter. Blue Trust Inc. boosted its stake in Daqo New Energy by 12,187.5% during the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company's stock valued at $29,000 after buying an additional 1,950 shares during the last quarter. Signaturefd LLC increased its stake in Daqo New Energy by 27.3% in the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company's stock worth $57,000 after acquiring an additional 602 shares during the last quarter. AXA S.A. raised its holdings in shares of Daqo New Energy by 202.3% during the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company's stock worth $93,000 after acquiring an additional 4,274 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Daqo New Energy by 22.2% during the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company's stock valued at $118,000 after acquiring an additional 1,470 shares during the last quarter. Institutional investors own 47.22% of the company's stock.

Daqo New Energy Company Profile

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.