DAQO New Energy Corp. (DQ) Downgraded by Zacks Investment Research to “Hold”

DAQO New Energy Corp. (DQ) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of DAQO New Energy Corp. (NYSE:DQ) from a buy rating to a hold rating in a report published on Tuesday.

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 research analysts also recently issued research reports about the stock. Roth Capital set a $35.00 price objective on shares of DAQO New Energy Corp. and gave the stock a buy rating in a research report on Monday, June 26th. BidaskClub upgraded shares of DAQO New Energy Corp. from a sell rating to a hold rating in a research report on Monday, July 24th. Finally, ValuEngine upgraded shares of DAQO New Energy Corp. from a buy rating to a strong-buy rating in a research report on Friday, September 1st. One equities research 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 target price of $36.00.

Shares of DAQO New Energy Corp. (NYSE:DQ) opened at 29.02 on Tuesday. The firm has a 50-day moving average price of $26.09 and a 200-day moving average price of $22.33. DAQO New Energy Corp. has a 52 week low of $18.01 and a 52 week high of $30.80. The stock has a market cap of $305.55 million, a price-to-earnings ratio of 6.06 and a beta of 1.79.

DAQO New Energy Corp. (NYSE:DQ) last issued its quarterly earnings data on Tuesday, August 8th. The semiconductor company reported $1.19 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.19). The firm had revenue of $76.00 million during the quarter, compared to analyst estimates of $71.80 million. DAQO New Energy Corp. had a return on equity of 18.90% and a net margin of 19.35%. During the same quarter last year, the company posted $1.87 EPS. On average, equities analysts anticipate that DAQO New Energy Corp. will post $5.88 earnings per share for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley raised its position in shares of DAQO New Energy Corp. by 243.5% during the 1st 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 last quarter. Laurion Capital Management LP acquired a new position in shares of DAQO New Energy Corp. during the 1st quarter worth about $343,000. Dymon Asia Capital Ltd. acquired a new position in shares of DAQO New Energy Corp. during the 2nd quarter worth about $2,886,000. KCG Holdings Inc. acquired a new position in shares of DAQO New Energy Corp. during the 1st quarter worth about $377,000. Finally, Trexquant Investment LP acquired a new position in shares of DAQO New Energy Corp. during the 1st quarter worth about $196,000. Hedge funds and other institutional investors own 28.39% of the company’s stock.

About DAQO New Energy Corp.

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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