Zacks Investment Research downgraded shares of Daqo New Energy (NYSE:DQ) from a buy rating to a hold rating in a research note issued to investors 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. “
Shares of Daqo New Energy stock opened at $33.63 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.26 and a quick ratio of 1.15. The stock has a market capitalization of $371.28 million, a P/E ratio of 3.96, a PEG ratio of 0.30 and a beta of 2.03. Daqo New Energy has a one year low of $20.35 and a one year high of $71.50.
Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Wednesday, March 13th. The semiconductor company reported $1.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $1.07. The firm had revenue of $75.60 million during the quarter, compared to analyst estimates of $72.40 million. Daqo New Energy had a return on equity of 17.53% and a net margin of 17.71%. The company’s revenue for the quarter was down 36.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.77 EPS. Analysts expect that Daqo New Energy will post 4.09 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Sensato Investors LLC purchased a new position in shares of Daqo New Energy in the 3rd quarter worth approximately $9,528,000. Millennium Management LLC boosted its stake in shares of Daqo New Energy by 55.3% in the 4th quarter. Millennium Management LLC now owns 758,452 shares of the semiconductor company’s stock worth $17,748,000 after buying an additional 270,119 shares during the last quarter. Morgan Stanley boosted its stake in shares of Daqo New Energy by 65.2% in the 3rd quarter. Morgan Stanley now owns 498,156 shares of the semiconductor company’s stock worth $13,006,000 after buying an additional 196,663 shares during the last quarter. GCA Investment Management LLC purchased a new position in shares of Daqo New Energy in the 4th quarter worth approximately $2,876,000. Finally, BlackRock Inc. purchased a new position in shares of Daqo New Energy in the 2nd quarter worth approximately $2,493,000. 42.72% of the stock is owned by hedge funds and other institutional investors.
Daqo New Energy Company 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.
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