DAQO New Energy Corp. (DQ) Sets New 1-Year High at $29.72

Shares of DAQO New Energy Corp. (NYSE:DQ) reached a new 52-week high on Monday . The company traded as high as $29.72 and last traded at $29.59, with a volume of 263,943 shares. The stock had previously closed at $27.60.

DQ has been the subject of a number of analyst reports. Zacks Investment Research upgraded DAQO New Energy Corp. from a “hold” rating to a “strong-buy” rating and set a $27.00 target price for the company in a report on Friday, July 21st. Roth Capital set a $35.00 target price on DAQO New Energy Corp. and gave the company a “buy” rating in a research report on Monday, June 26th. Finally, BidaskClub raised shares of DAQO New Energy Corp. from a “sell” rating to a “hold” rating in a research note on Monday, July 24th.

The firm’s 50 day moving average is $23.81 and its 200-day moving average is $22.14. The company has a market capitalization of $266.70 million, a PE ratio of 5.29 and a beta of 1.75.

DAQO New Energy Corp. (NYSE:DQ) last released its quarterly earnings data on Tuesday, August 8th. The semiconductor company reported $1.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by $0.19. DAQO New Energy Corp. had a return on equity of 18.90% and a net margin of 19.35%. The business had revenue of $76 million during the quarter, compared to analyst estimates of $71.80 million. During the same period in the previous year, the company earned $1.87 EPS. Analysts expect that DAQO New Energy Corp. will post $5.91 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Quentec Asset Management LLC raised its stake in DAQO New Energy Corp. by 5.0% in the second quarter. Quentec Asset Management LLC now owns 977,106 shares of the semiconductor company’s stock worth $20,285,000 after buying an additional 46,888 shares during the last quarter. Summit Partners Public Asset Management LLC raised its stake in DAQO New Energy Corp. by 94.9% in the first quarter. Summit Partners Public Asset Management LLC now owns 220,000 shares of the semiconductor company’s stock worth $4,129,000 after buying an additional 107,100 shares during the last quarter. Acadian Asset Management LLC raised its stake in DAQO New Energy Corp. by 11.1% in the second quarter. Acadian Asset Management LLC now owns 179,664 shares of the semiconductor company’s stock worth $3,729,000 after buying an additional 17,881 shares during the last quarter. Boston Partners purchased a new stake in DAQO New Energy Corp. during the second quarter worth $3,625,000. Finally, Dymon Asia Capital Ltd. purchased a new stake in DAQO New Energy Corp. during the second quarter worth $2,886,000. 31.67% of the stock is owned by institutional investors and hedge funds.

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About DAQO New Energy Corp.

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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