Daiwa America Upgrades Daqo New Energy (NYSE:DQ) to Strong-Buy

Daqo New Energy (NYSE:DQ - Get Free Report) was upgraded by investment analysts at Daiwa America from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday, Zacks.com reports.

Other analysts have also issued research reports about the company. The Goldman Sachs Group started coverage on Daqo New Energy in a research note on Thursday, July 11th. They issued a "buy" rating for the company. HSBC upgraded 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. Jefferies Financial Group lowered their price objective on Daqo New Energy from $38.40 to $34.05 and set a "buy" rating for the company in a research report on Monday, August 26th. Finally, Roth Mkm decreased their price target on shares of Daqo New Energy from $23.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $22.26.

Daqo New Energy Trading Up 3.2 %

DQ stock traded up $0.72 during midday trading on Wednesday, hitting $23.30. The company had a trading volume of 1,110,440 shares, compared to its average volume of 1,189,077. Daqo New Energy has a 52 week low of $13.62 and a 52 week high of $30.85. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -12.21 and a beta of 0.32. The stock's 50 day moving average price is $18.57 and its 200 day moving average price is $18.50.

Daqo New Energy (NYSE:DQ - Get Free Report) last announced its quarterly earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25). The firm had revenue of $219.91 million for the quarter, compared to analysts' expectations of $406.50 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.89%. During the same period in the previous year, the company earned $1.34 EPS. Analysts predict that Daqo New Energy will post -3.46 earnings per share for the current year.

Daqo New Energy declared that its board has authorized a share repurchase plan on Monday, July 22nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Institutional Trading of Daqo New Energy

Large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its holdings in shares of Daqo New Energy by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company's stock worth $415,000 after acquiring an additional 764 shares during the last quarter. Signaturefd LLC lifted its stake in Daqo New Energy by 27.3% in the third quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company's stock worth $57,000 after purchasing an additional 602 shares during the last quarter. Blue Trust Inc. lifted its stake in Daqo New Energy by 132.3% in the third quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company's stock worth $93,000 after purchasing an additional 2,601 shares during the last quarter. Green Alpha Advisors LLC boosted its position in shares of Daqo New Energy by 15.9% during the third quarter. Green Alpha Advisors LLC now owns 23,877 shares of the semiconductor company's stock valued at $486,000 after buying an additional 3,270 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Daqo New Energy during the second quarter valued at approximately $11,080,000. Institutional investors own 47.22% of the company's stock.

About Daqo New Energy

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.