Zacks Investment Research upgraded shares of DAQO New Energy Corp. (NYSE:DQ) from a hold rating to a buy rating in a research report sent to investors on Wednesday. They currently have $29.00 price objective on the semiconductor company’s stock.

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. “

A number of other research firms also recently issued reports on DQ. Roth Capital set a $35.00 price objective on shares of DAQO New Energy Corp. and gave the stock a buy rating in a report on Monday, June 26th. BidaskClub upgraded shares of DAQO New Energy Corp. from a sell rating to a hold rating in a report on Monday, July 24th. Finally, ValuEngine upgraded shares of DAQO New Energy Corp. from a buy rating to a strong-buy rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $34.67.

Shares of DAQO New Energy Corp. (DQ) traded up 0.15% during mid-day trading on Wednesday, hitting $26.56. 76,033 shares of the company traded hands. DAQO New Energy Corp. has a one year low of $18.01 and a one year high of $30.80. The firm has a 50-day moving average of $25.53 and a 200-day moving average of $22.26. The stock has a market capitalization of $279.65 million, a price-to-earnings ratio of 5.54 and a beta of 1.79.

DAQO New Energy Corp. (NYSE:DQ) last posted its quarterly earnings data on Tuesday, August 8th. The semiconductor company reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $76 million for the quarter, compared to analysts’ expectations of $71.80 million. During the same quarter last year, the business posted $1.87 EPS. On average, equities analysts predict that DAQO New Energy Corp. will post $6.13 earnings per share for the current year.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Rational Advisors LLC increased its holdings in DAQO New Energy Corp. by 18.4% during the first quarter. Rational Advisors LLC now owns 5,800 shares of the semiconductor company’s stock worth $109,000 after buying an additional 900 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in DAQO New Energy Corp. by 264.5% during the second quarter. Public Employees Retirement System of Ohio now owns 7,767 shares of the semiconductor company’s stock worth $161,000 after buying an additional 5,636 shares during the last quarter. Trexquant Investment LP purchased a new stake in DAQO New Energy Corp. during the first quarter worth about $196,000. ClariVest Asset Management LLC increased its holdings in DAQO New Energy Corp. by 5.4% during the first quarter. ClariVest Asset Management LLC now owns 10,713 shares of the semiconductor company’s stock worth $201,000 after buying an additional 546 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in DAQO New Energy Corp. during the second quarter worth about $210,000. Institutional investors and hedge funds own 28.39% of the company’s stock.

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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