Redpoint Investment Management Pty Ltd Makes New Investment in Daqo New Energy Corp. (NYSE:DQ)

Redpoint Investment Management Pty Ltd purchased a new position in Daqo New Energy Corp. (NYSE:DQGet Rating) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 2,878 shares of the semiconductor company’s stock, valued at approximately $205,000.

Other large investors have also bought and sold shares of the company. JJJ Advisors Inc. increased its stake in shares of Daqo New Energy by 99.0% during the first quarter. JJJ Advisors Inc. now owns 599 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 298 shares during the period. Maverick Capital Ltd. purchased a new position in shares of Daqo New Energy during the fourth quarter valued at approximately $40,000. Quadrant Capital Group LLC increased its stake in shares of Daqo New Energy by 80.5% during the first quarter. Quadrant Capital Group LLC now owns 1,139 shares of the semiconductor company’s stock valued at $47,000 after buying an additional 508 shares during the period. US Bancorp DE increased its stake in shares of Daqo New Energy by 89.0% during the first quarter. US Bancorp DE now owns 1,981 shares of the semiconductor company’s stock valued at $82,000 after buying an additional 933 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Daqo New Energy by 239.8% during the first quarter. Signaturefd LLC now owns 2,759 shares of the semiconductor company’s stock valued at $114,000 after buying an additional 1,947 shares during the period.

Daqo New Energy Trading Down 2.5 %

Daqo New Energy stock opened at $56.38 on Monday. The business’s fifty day simple moving average is $65.14 and its two-hundred day simple moving average is $55.29. Daqo New Energy Corp. has a 12 month low of $32.20 and a 12 month high of $81.10. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 2.70 and a beta of 0.30.

Daqo New Energy announced that its board has approved a stock buyback program on Wednesday, June 1st that authorizes the company to repurchase $0.00 in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DQ shares. StockNews.com raised Daqo New Energy from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 5th. Daiwa Capital Markets lowered Daqo New Energy from an “outperform” rating to a “neutral” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.37.

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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