Daqo New Energy (NYSE:DQ) Shares Gap Up to $61.66

Shares of Daqo New Energy Corp. (NYSE:DQ – Get Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $61.66, but opened at $65.50. Daqo New Energy shares last traded at $64.13, with a volume of 13,521 shares traded.

Analyst Ratings Changes

Several research firms have commented on DQ. StockNews.com raised shares of Daqo New Energy from a “buy” rating to a “strong-buy” rating in a research note on Friday. JPMorgan Chase & Co. raised shares of Daqo New Energy from a “neutral” rating to an “overweight” rating in a research note on Wednesday, May 4th. They noted that the move was a valuation call. Daiwa Capital Markets lifted their target price on shares of Daqo New Energy from $47.00 to $80.00 in a research note on Tuesday, July 12th. Finally, TheStreet raised shares of Daqo New Energy from a “c+” rating to a “b-” rating in a research note on Friday, May 6th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $80.82.

Daqo New Energy Stock Performance

The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 4.24 and a beta of 0.30. The company’s fifty day moving average is $63.34 and its two-hundred day moving average is $49.80.

Daqo New Energy declared that its board has authorized a stock buyback plan on Wednesday, June 1st that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Daqo New Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FNY Investment Advisers LLC acquired a new position in Daqo New Energy in the 2nd quarter worth $40,000. JJJ Advisors Inc. lifted its holdings in Daqo New Energy by 99.0% in the 1st quarter. JJJ Advisors Inc. now owns 599 shares of the semiconductor company’s stock worth $25,000 after buying an additional 298 shares in the last quarter. Maverick Capital Ltd. acquired a new position in Daqo New Energy in the 4th quarter worth $40,000. Quadrant Capital Group LLC lifted its holdings in Daqo New Energy by 80.5% in the 1st quarter. Quadrant Capital Group LLC now owns 1,139 shares of the semiconductor company’s stock worth $47,000 after buying an additional 508 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Daqo New Energy by 89.0% in the 1st quarter. US Bancorp DE now owns 1,981 shares of the semiconductor company’s stock worth $82,000 after buying an additional 933 shares in the last quarter. Institutional investors and hedge funds own 70.99% of the company’s stock.

Daqo New Energy Company Profile

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