Quentec Asset Management LLC Has $22.56 Million Holdings in Daqo New Energy Corp (DQ)
Quentec Asset Management LLC decreased its holdings in shares of Daqo New Energy Corp (NYSE:DQ) by 20.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 777,444 shares of the semiconductor company’s stock after selling 199,662 shares during the quarter. Daqo New Energy accounts for about 2.3% of Quentec Asset Management LLC’s investment portfolio, making the stock its 11th biggest position. Quentec Asset Management LLC owned 7.39% of Daqo New Energy worth $22,562,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in DQ. Public Employees Retirement System of Ohio boosted its holdings in shares of Daqo New Energy by 264.5% in the second quarter. Public Employees Retirement System of Ohio now owns 7,767 shares of the semiconductor company’s stock valued at $161,000 after purchasing an additional 5,636 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Daqo New Energy in the second quarter valued at approximately $210,000. Granite Point Capital Management L.P. purchased a new stake in shares of Daqo New Energy in the third quarter valued at approximately $290,000. JPMorgan Chase & Co. boosted its holdings in shares of Daqo New Energy by 29,376.5% in the third quarter. JPMorgan Chase & Co. now owns 28,887 shares of the semiconductor company’s stock valued at $852,000 after purchasing an additional 28,789 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Daqo New Energy by 243.5% in the first quarter. Morgan Stanley now owns 100,534 shares of the semiconductor company’s stock valued at $1,888,000 after purchasing an additional 71,264 shares during the period. 27.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Daqo New Energy Corp (NYSE:DQ) opened at $47.37 on Thursday. Daqo New Energy Corp has a twelve month low of $18.01 and a twelve month high of $58.49. The company has a current ratio of 0.57, a quick ratio of 0.49 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $517.60, a price-to-earnings ratio of 7.96, a PEG ratio of 0.98 and a beta of 2.05.
DQ has been the subject of a number of analyst reports. Zacks Investment Research lowered Daqo New Energy from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Roth Capital set a $35.00 target price on Daqo New Energy and gave the stock a “buy” rating in a report on Sunday, August 20th. Finally, ValuEngine upgraded Daqo New Energy from a “buy” rating to a “strong-buy” rating in a report on Friday, September 1st. One 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 stock. The stock has an average rating of “Buy” and an average target price of $51.67.
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About Daqo New Energy
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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