Zacks Investment Research Downgrades Daqo New Energy (DQ) to Hold

Daqo New Energy (NYSE:DQ) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.

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. “

Other research analysts have also recently issued research reports about the company. TheStreet raised Daqo New Energy from a “c+” rating to a “b” rating in a research note on Wednesday, November 15th. Roth Capital set a $65.00 target price on Daqo New Energy and gave the company a “buy” rating in a research note on Monday, December 4th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $51.67.

Daqo New Energy (NYSE:DQ) traded down $0.65 during trading on Tuesday, hitting $63.60. 292,200 shares of the stock traded hands, compared to its average volume of 509,955. The company has a market capitalization of $681.48, a PE ratio of 10.83, a P/E/G ratio of 1.65 and a beta of 2.13. Daqo New Energy has a 52-week low of $18.01 and a 52-week high of $72.50. The company has a current ratio of 0.57, a quick ratio of 0.49 and a debt-to-equity ratio of 0.34.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings results on Tuesday, November 14th. The semiconductor company reported $2.22 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.81. Daqo New Energy had a net margin of 21.42% and a return on equity of 21.51%. equities research analysts forecast that Daqo New Energy will post 7.18 EPS for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of DQ. Public Employees Retirement System of Ohio boosted its position in Daqo New Energy by 264.5% during the second quarter. Public Employees Retirement System of Ohio now owns 7,767 shares of the semiconductor company’s stock valued at $161,000 after buying an additional 5,636 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Daqo New Energy during the second quarter valued at about $210,000. Granite Point Capital Management L.P. purchased a new stake in Daqo New Energy during the third quarter valued at about $290,000. Susquehanna International Group LLP purchased a new stake in Daqo New Energy during the third quarter valued at about $490,000. Finally, Bank of Montreal Can purchased a new stake in Daqo New Energy during the fourth quarter valued at about $577,000. Institutional investors and hedge funds own 27.38% of the company’s stock.

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About Daqo New Energy

Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company’s segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions.

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