DAQO New Energy Corp. (NYSE:DQ) Stock Rated “Reduce” by Sell-Side Brokerages

Shares of DAQO New Energy Corp. (NYSE:DQ) have earned a consensus rating of “Reduce” from the six ratings firms that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $15.83.

DQ has been the topic of several research reports. Zacks Research raised shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. Weiss Ratings raised shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th. JPMorgan Chase & Co. reduced their target price on shares of DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. The Goldman Sachs Group cut shares of DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a research report on Monday, August 24th. Finally, New Street Research set a $10.00 price target on shares of DAQO New Energy in a research report on Monday, August 24th.

DAQO New Energy Stock Up 0.1%

Shares of DQ stock opened at $11.01 on Tuesday. The business has a 50-day moving average price of $12.77 and a two-hundred day moving average price of $15.63. DAQO New Energy has a 12-month low of $10.86 and a 12-month high of $36.59. The firm has a market cap of $744.84 million, a P/E ratio of -3.88 and a beta of 0.67.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Thursday, August 20th. The semiconductor company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.63). The firm had revenue of $62.66 million for the quarter, compared to the consensus estimate of $52.93 million. DAQO New Energy had a negative net margin of 34.50% and a negative return on equity of 3.26%. As a group, research analysts expect that DAQO New Energy will post -1.96 EPS for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd bought a new stake in DAQO New Energy in the fourth quarter valued at approximately $49,000. Nykredit A S bought a new position in shares of DAQO New Energy in the second quarter worth approximately $28,000. Banque Cantonale Vaudoise increased its stake in shares of DAQO New Energy by 37.5% in the first quarter. Banque Cantonale Vaudoise now owns 2,579 shares of the semiconductor company’s stock worth $55,000 after buying an additional 703 shares during the period. Prudential PLC bought a new stake in DAQO New Energy during the 4th quarter valued at $202,000. Finally, MidFirst Bank purchased a new stake in DAQO New Energy during the 4th quarter valued at $236,000. 47.22% of the stock is currently owned by institutional investors.

About DAQO New Energy

Daqo New Energy Corp. is a China-based manufacturer of high-purity polysilicon, a critical raw material used in the production of solar photovoltaic wafers, cells and modules. Through its principal operating subsidiary, Xinjiang Daqo New Energy Co, Ltd., the company produces polysilicon for the global solar industry.

The company’s products are primarily used by photovoltaic manufacturers to make monocrystalline and multicrystalline silicon wafers. Daqo operates production facilities in China, including in Xinjiang, and supplies customers in China and international markets through the solar photovoltaic manufacturing supply chain.

Daqo New Energy was established in 2008 and completed its initial public offering on the New York Stock Exchange in 2010.