Daqo New Energy Target of Unusually High Options Trading (DQ)
Daqo New Energy Corp (NYSE:DQ) was the target of some unusual options trading on Monday. Traders acquired 1,222 put options on the stock. This is an increase of 826% compared to the average volume of 132 put options.
Hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio lifted its position in Daqo New Energy by 264.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 7,767 shares of the semiconductor company’s stock valued at $161,000 after acquiring an additional 5,636 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Daqo New Energy in the 2nd quarter valued at approximately $210,000. Granite Point Capital Management L.P. bought a new position in Daqo New Energy in the 3rd quarter valued at approximately $290,000. Susquehanna International Group LLP bought a new position in Daqo New Energy in the 3rd quarter valued at approximately $490,000. Finally, JPMorgan Chase & Co. lifted its position in Daqo New Energy by 29,376.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 28,887 shares of the semiconductor company’s stock valued at $852,000 after acquiring an additional 28,789 shares in the last quarter. 27.38% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have recently commented on DQ shares. Zacks Investment Research cut Daqo New Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. Roth Capital set a $50.00 price target on Daqo New Energy and gave the stock a “buy” rating in a research report on Thursday, November 16th. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $51.67.
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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