Granite Point Capital Management L.P. Purchases Shares of 10,000 Daqo New Energy Corp (DQ)
Granite Point Capital Management L.P. purchased a new stake in Daqo New Energy Corp (NYSE:DQ) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 10,000 shares of the semiconductor company’s stock, valued at approximately $234,000.
Several other institutional investors also recently added to or reduced their stakes in the company. Morgan Stanley boosted its holdings in shares of Daqo New Energy by 65.2% in the third quarter. Morgan Stanley now owns 498,156 shares of the semiconductor company’s stock valued at $13,006,000 after buying an additional 196,663 shares during the period. Sensato Investors LLC acquired a new position in Daqo New Energy during the third quarter worth $9,528,000. BlackRock Inc. boosted its holdings in Daqo New Energy by 3.0% during the third quarter. BlackRock Inc. now owns 72,226 shares of the semiconductor company’s stock worth $1,886,000 after purchasing an additional 2,082 shares during the last quarter. Guinness Asset Management Ltd boosted its holdings in Daqo New Energy by 87.3% during the third quarter. Guinness Asset Management Ltd now owns 14,800 shares of the semiconductor company’s stock worth $386,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Prudential Financial Inc. acquired a new position in Daqo New Energy during the third quarter worth $326,000. Institutional investors own 37.66% of the company’s stock.
NYSE DQ opened at $32.40 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.15 and a current ratio of 1.26. Daqo New Energy Corp has a 1 year low of $20.35 and a 1 year high of $71.50. The firm has a market cap of $339.83 million, a price-to-earnings ratio of 3.81, a PEG ratio of 0.28 and a beta of 2.12.
Several research analysts recently commented on DQ shares. TheStreet cut shares of Daqo New Energy from a “b-” rating to a “c+” rating in a report on Wednesday, October 24th. Zacks Investment Research upgraded shares of Daqo New Energy from a “strong sell” rating to a “hold” rating in a report on Friday, November 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $45.00.
Daqo New Energy Profile
Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon and wafers in the People's Republic of China. It operates through two segments, Polysilicon and Wafers. The company offers polysilicon to photovoltaic product manufacturers who further process its polysilicon into ingots, wafers, cells, and modules for solar power solutions.
Read More: Reverse Stock Split
Want to see what other hedge funds are holding DQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Daqo New Energy Corp (NYSE:DQ).
Receive News & Ratings for Daqo New Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Daqo New Energy and related companies with MarketBeat.com's FREE daily email newsletter.