40,000 Shares in DAQO New Energy Corp. $DQ Purchased by Luminus Management LLC

Luminus Management LLC purchased a new position in DAQO New Energy Corp. (NYSE:DQ) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 40,000 shares of the semiconductor company’s stock, valued at approximately $1,125,000. DAQO New Energy makes up about 1.0% of Luminus Management LLC’s holdings, making the stock its 12th biggest position. Luminus Management LLC owned approximately 0.06% of DAQO New Energy at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of DQ. Caitong International Asset Management Co. Ltd raised its position in shares of DAQO New Energy by 86,700.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock worth $31,000 after buying an additional 1,734 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of DAQO New Energy in the 2nd quarter valued at about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of DAQO New Energy by 39.1% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,364 shares of the semiconductor company’s stock worth $476,000 after purchasing an additional 8,815 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of DAQO New Energy by 4.7% during the first quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company’s stock worth $3,995,000 after purchasing an additional 9,885 shares in the last quarter. Finally, Vident Advisory LLC purchased a new stake in DAQO New Energy in the first quarter valued at approximately $216,000. Hedge funds and other institutional investors own 47.22% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on DQ shares. Glj Research reiterated a “buy” rating and issued a $30.51 target price on shares of DAQO New Energy in a research report on Tuesday, August 26th. Wall Street Zen upgraded DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Citigroup increased their price objective on DAQO New Energy from $27.00 to $37.00 and gave the company a “buy” rating in a research report on Monday, September 8th. Roth Capital set a $30.00 target price on DAQO New Energy and gave the company a “neutral” rating in a research note on Tuesday, October 28th. Finally, Hsbc Global Res upgraded DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, DAQO New Energy currently has a consensus rating of “Moderate Buy” and an average price target of $27.04.

DAQO New Energy Price Performance

NYSE:DQ opened at $32.07 on Tuesday. DAQO New Energy Corp. has a one year low of $12.40 and a one year high of $36.59. The company’s 50-day simple moving average is $30.43 and its 200 day simple moving average is $24.60. The firm has a market capitalization of $2.15 billion, a P/E ratio of -6.24 and a beta of 0.66.

DAQO New Energy (NYSE:DQ) last released its earnings results on Monday, October 27th. The semiconductor company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.39. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%.The firm had revenue of $244.60 million for the quarter, compared to analysts’ expectations of $176.78 million. On average, equities research analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy announced that its board has approved a share repurchase program on Tuesday, August 26th that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

DAQO New Energy Company Profile

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers 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.