Daqo New Energy Corp. (NYSE:DQ) Receives Consensus Rating of “Moderate Buy” from Analysts

Posted by MarketBeat News on Aug 6th, 2022

Daqo New Energy Corp. (NYSE:DQ – Get Rating) has been given an average recommendation of “Moderate Buy” by the eight brokerages that are currently covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $80.82.

Several research firms recently issued reports on DQ. JPMorgan Chase & Co. raised shares of Daqo New Energy from a “neutral” rating to an “overweight” rating in a research report on Wednesday, May 4th. They noted that the move was a valuation call. StockNews.com upgraded Daqo New Energy from a “buy” rating to a “strong-buy” rating in a research note on Friday. TheStreet upgraded Daqo New Energy from a “c+” rating to a “b-” rating in a research note on Friday, May 6th. Finally, Daiwa Capital Markets boosted their price objective on Daqo New Energy from $47.00 to $80.00 in a research note on Tuesday, July 12th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. abrdn plc grew its holdings in shares of Daqo New Energy by 12.7% during the second quarter. abrdn plc now owns 14,697 shares of the semiconductor company’s stock worth $1,042,000 after purchasing an additional 1,657 shares in the last quarter. Aviva PLC grew its holdings in shares of Daqo New Energy by 12.3% during the second quarter. Aviva PLC now owns 30,952 shares of the semiconductor company’s stock worth $2,209,000 after purchasing an additional 3,400 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Daqo New Energy by 27.5% during the second quarter. Envestnet Asset Management Inc. now owns 11,454 shares of the semiconductor company’s stock worth $818,000 after purchasing an additional 2,471 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Daqo New Energy by 156.2% during the second quarter. DekaBank Deutsche Girozentrale now owns 15,763 shares of the semiconductor company’s stock worth $1,041,000 after purchasing an additional 9,611 shares in the last quarter. Finally, Ahrens Investment Partners LLC purchased a new position in shares of Daqo New Energy during the second quarter worth about $200,000. Hedge funds and other institutional investors own 70.99% of the company’s stock.

Daqo New Energy Trading Down 3.4 %

NYSE DQ opened at $64.53 on Friday. The company has a fifty day simple moving average of $63.68 and a 200 day simple moving average of $49.96. Daqo New Energy has a 12-month low of $32.20 and a 12-month high of $81.10. The company has a market cap of $4.81 billion, a P/E ratio of 3.08 and a beta of 0.30.

Daqo New Energy declared that its board has authorized a share buyback plan on Wednesday, June 1st that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Daqo New Energy Company 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.