Daqo New Energy Corp. (NYSE:DQ) Stock Position Raised by abrdn plc

abrdn plc raised its position in shares of Daqo New Energy Corp. (NYSE:DQGet Rating) by 12.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,040 shares of the semiconductor company’s stock after purchasing an additional 1,402 shares during the period. abrdn plc’s holdings in Daqo New Energy were worth $562,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DQ. Maverick Capital Ltd. acquired a new position in Daqo New Energy during the 4th quarter valued at about $40,000. Retirement Planning Co of New England Inc. acquired a new position in Daqo New Energy during the 4th quarter valued at about $87,000. Desjardins Global Asset Management Inc. acquired a new stake in shares of Daqo New Energy in the 4th quarter worth approximately $113,000. Signaturefd LLC lifted its stake in shares of Daqo New Energy by 239.8% in the 1st quarter. Signaturefd LLC now owns 2,759 shares of the semiconductor company’s stock worth $114,000 after acquiring an additional 1,947 shares during the period. Finally, National Bank of Canada FI acquired a new stake in shares of Daqo New Energy in the 4th quarter worth approximately $164,000. 70.99% of the stock is owned by institutional investors and hedge funds.

Daqo New Energy Price Performance

DQ stock opened at $62.51 on Thursday. Daqo New Energy Corp. has a 12 month low of $32.20 and a 12 month high of $81.10. The firm has a market cap of $4.66 billion, a PE ratio of 3.96 and a beta of 0.30. The firm has a 50 day simple moving average of $62.98 and a 200 day simple moving average of $49.63.

Daqo New Energy announced that its board has initiated a share buyback plan on Wednesday, June 1st that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently weighed in on DQ. StockNews.com raised shares of Daqo New Energy from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 25th. JPMorgan Chase & Co. raised shares of Daqo New Energy from a “neutral” rating to an “overweight” rating in a research note on Wednesday, May 4th. They noted that the move was a valuation call. Daiwa Capital Markets upped their price target on shares of Daqo New Energy from $47.00 to $80.00 in a research note on Tuesday, July 12th. Finally, TheStreet raised shares of Daqo New Energy from a “c+” rating to a “b-” rating in a research note on Friday, May 6th. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $80.82.

Daqo New Energy Profile

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Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufactures 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.

Further Reading

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Institutional Ownership by Quarter for Daqo New Energy (NYSE:DQ)

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