Luminus Management LLC Makes New Investment in DAQO New Energy Corp. $DQ

Luminus Management LLC purchased a new stake in shares of DAQO New Energy Corp. (NYSE:DQ) during the third quarter, HoldingsChannel reports. The fund purchased 40,000 shares of the semiconductor company’s stock, valued at approximately $1,125,000. DAQO New Energy comprises 1.0% of Luminus Management LLC’s holdings, making the stock its 12th largest holding.

Several other institutional investors have also recently made changes to their positions in the business. Continental General Insurance Co. grew its holdings in DAQO New Energy by 0.8% during the 1st quarter. Continental General Insurance Co. now owns 5,966,202 shares of the semiconductor company’s stock valued at $108,048,000 after buying an additional 50,000 shares in the last quarter. Mackenzie Financial Corp grew its stake in DAQO New Energy by 1.4% during the second quarter. Mackenzie Financial Corp now owns 1,866,454 shares of the semiconductor company’s stock valued at $28,314,000 after acquiring an additional 26,100 shares in the last quarter. Vanguard Group Inc. increased its holdings in DAQO New Energy by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company’s stock valued at $31,612,000 after acquiring an additional 26,359 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in DAQO New Energy by 117.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock valued at $21,005,000 after acquiring an additional 625,900 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its stake in DAQO New Energy by 514.3% in the 1st quarter. Hsbc Holdings PLC now owns 501,145 shares of the semiconductor company’s stock worth $9,026,000 after purchasing an additional 419,569 shares in the last quarter. Hedge funds and other institutional investors own 47.22% of the company’s stock.

Wall Street Analyst Weigh In

DQ has been the subject of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of DAQO New Energy in a report on Monday, December 8th. Wall Street Zen raised shares of DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. HSBC raised shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Wednesday, August 27th. Glj Research restated a “buy” rating and set a $30.51 price target on shares of DAQO New Energy in a research note on Tuesday, August 26th. Finally, New Street Research set a $15.40 price objective on DAQO New Energy in a research note on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, DAQO New Energy has an average rating of “Moderate Buy” and a consensus target price of $27.04.

DAQO New Energy Price Performance

DQ opened at $32.07 on Tuesday. The firm has a fifty day moving average price of $30.43 and a 200 day moving average price of $24.60. DAQO New Energy Corp. has a 1 year low of $12.40 and a 1 year high of $36.59. The stock has a market cap of $2.15 billion, a P/E ratio of -6.24 and a beta of 0.66.

DAQO New Energy (NYSE:DQ) last released its quarterly earnings results on Monday, October 27th. The semiconductor company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.61) by $0.39. The company had revenue of $244.60 million for the quarter, compared to analyst estimates of $176.78 million. DAQO New Energy had a negative net margin of 53.74% and a negative return on equity of 5.89%. Equities analysts expect that DAQO New Energy Corp. will post -3.5 EPS for the current year.

DAQO New Energy declared that its Board of Directors has authorized a stock buyback plan on Tuesday, August 26th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

DAQO New Energy Profile

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.