DAQO New Energy Corp. (DQ) Rating Increased to Buy at Zacks Investment Research
DAQO New Energy Corp. (NYSE:DQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $33.00 target price on the semiconductor company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.71% 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. “
Other equities analysts also recently issued research reports about the company. Roth Capital set a $35.00 target price on DAQO New Energy Corp. and gave the company a “buy” rating in a report on Monday, June 26th. BidaskClub upgraded DAQO New Energy Corp. from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Finally, ValuEngine upgraded DAQO New Energy Corp. from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $36.00.
Shares of DAQO New Energy Corp. (NYSE DQ) opened at 29.02 on Friday. DAQO New Energy Corp. has a 52-week low of $18.01 and a 52-week high of $30.80. The company has a 50-day moving average of $26.09 and a 200 day moving average of $22.33. The firm has a market cap of $305.55 million, a P/E ratio of 6.06 and a beta of 1.79.
DAQO New Energy Corp. (NYSE:DQ) last announced its earnings results on Tuesday, August 8th. The semiconductor company reported $1.19 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.19). The business had revenue of $76.00 million for the quarter, compared to the consensus estimate of $71.80 million. DAQO New Energy Corp. had a net margin of 19.35% and a return on equity of 18.90%. During the same quarter in the prior year, the company earned $1.87 EPS. On average, equities analysts expect that DAQO New Energy Corp. will post $5.88 earnings per share for the current year.
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A number of hedge funds have recently modified their holdings of DQ. State of Wisconsin Investment Board purchased a new stake in DAQO New Energy Corp. in the first quarter worth $217,000. Trexquant Investment LP purchased a new stake in DAQO New Energy Corp. in the first quarter worth $196,000. ClariVest Asset Management LLC grew its stake in DAQO New Energy Corp. by 5.4% in the first quarter. ClariVest Asset Management LLC now owns 10,713 shares of the semiconductor company’s stock worth $201,000 after purchasing an additional 546 shares during the period. Laurion Capital Management LP purchased a new stake in DAQO New Energy Corp. in the first quarter worth $343,000. Finally, Morgan Stanley grew its stake in 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 purchasing an additional 71,264 shares during the period. 28.39% of the stock is currently owned by institutional investors.
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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