DAQO New Energy (NYSE:DQ) Rating Lowered to Strong Sell at Wall Street Zen

DAQO New Energy (NYSE:DQ) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DAQO New Energy in a research report on Friday, March 27th. New Street Research set a $18.13 target price on DAQO New Energy in a research report on Tuesday, February 3rd. Roth Mkm set a $19.00 price target on shares of DAQO New Energy in a report on Thursday. Finally, Glj Research lowered shares of DAQO New Energy from a “buy” rating to a “sell” rating and lowered their target price for the stock from $30.51 to $18.13 in a research note on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, DAQO New Energy has a consensus rating of “Hold” and a consensus price target of $23.59.

DAQO New Energy Stock Up 0.4%

DAQO New Energy stock opened at $19.22 on Friday. The business has a fifty day moving average of $22.13 and a two-hundred day moving average of $26.57. The firm has a market cap of $1.30 billion, a P/E ratio of -6.91 and a beta of 0.66. DAQO New Energy has a twelve month low of $12.52 and a twelve month high of $36.59.

DAQO New Energy (NYSE:DQ) last posted its earnings results on Wednesday, April 29th. The semiconductor company reported ($1.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($1.18). The company had revenue of $26.72 million for the quarter, compared to analysts’ expectations of $186.28 million. DAQO New Energy had a negative return on equity of 3.19% and a negative net margin of 32.92%. Equities analysts expect that DAQO New Energy will post -0.38 earnings per share for the current year.

Institutional Trading of DAQO New Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DQ. Continental General Insurance Co. increased its holdings in shares of DAQO New Energy by 11.3% during the 3rd quarter. Continental General Insurance Co. now owns 6,641,986 shares of the semiconductor company’s stock worth $186,839,000 after buying an additional 675,784 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in DAQO New Energy in the 3rd quarter valued at approximately $18,280,000. Goldman Sachs Group Inc. grew its stake in shares of DAQO New Energy by 117.2% in the first quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock worth $21,005,000 after acquiring an additional 625,900 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of DAQO New Energy in the fourth quarter worth $16,742,000. Finally, Allianz Asset Management GmbH acquired a new position in shares of DAQO New Energy in the third quarter worth $11,673,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

About DAQO New Energy

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.