Daqo New Energy (NYSE:DQ) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Daqo New Energy (NYSE:DQ) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “Daqo New Energy Corp. is engaged in the manufacture and sale of high-quality polysilicon to photovoltaic product manufacturers. The polysilicon is further processed into ingots, wafers, cells and modules for solar power solutions. Daqo New Energy Corp., formerly known as Mega Stand International Limited, is headquartered in Wanzhou, The People’s Republic of China. “

Several other brokerages also recently issued reports on DQ. Roth Capital restated a buy rating on shares of Daqo New Energy in a report on Wednesday, August 14th. ValuEngine upgraded Daqo New Energy from a sell rating to a hold rating in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. initiated coverage on Daqo New Energy in a research report on Thursday, November 14th. They issued an overweight rating and a $50.00 price objective for the company.

NYSE:DQ traded up $0.70 on Tuesday, hitting $39.53. 159,296 shares of the stock were exchanged, compared to its average volume of 254,585. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.36 and a current ratio of 0.43. Daqo New Energy has a 52 week low of $21.64 and a 52 week high of $53.49. The stock has a market capitalization of $422.11 million, a price-to-earnings ratio of 8.91, a P/E/G ratio of 0.64 and a beta of 1.64. The company’s 50-day moving average price is $40.73 and its 200 day moving average price is $42.47.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Tuesday, November 12th. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.24. Daqo New Energy had a net margin of 6.79% and a return on equity of 5.68%. The firm had revenue of $83.91 million for the quarter, compared to analysts’ expectations of $85.60 million. During the same period last year, the firm earned $0.32 earnings per share. As a group, equities research analysts predict that Daqo New Energy will post 1.97 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Unison Advisors LLC acquired a new position in Daqo New Energy during the second quarter worth $321,000. Elephas Investment Management Ltd bought a new position in Daqo New Energy in the second quarter valued at approximately $2,134,000. Banco Santander S.A. acquired a new position in shares of Daqo New Energy during the 3rd quarter worth approximately $1,383,000. Harvest Fund Management Co. Ltd increased its position in shares of Daqo New Energy by 250.6% during the 2nd quarter. Harvest Fund Management Co. Ltd now owns 454,211 shares of the semiconductor company’s stock worth $19,245,000 after purchasing an additional 324,657 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Daqo New Energy by 1,524.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 59,141 shares of the semiconductor company’s stock worth $2,468,000 after purchasing an additional 55,500 shares during the last quarter. 36.33% of the stock is owned by hedge funds and other institutional investors.

About Daqo New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon and wafers in the People's Republic of China. It operates through two segments, Polysilicon and Wafers. The company offers polysilicon to photovoltaic product manufacturers who further process its polysilicon into ingots, wafers, cells, and modules for solar power solutions.

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