Daqo New Energy (NYSE:DQ) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Daqo New Energy (NYSE:DQ) from a hold rating to a sell rating in a research note released on Monday morning, Zacks.com reports.

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 brokerages have also recently issued reports on DQ. ValuEngine raised shares of Daqo New Energy from a hold rating to a buy rating in a research note on Monday, June 3rd. Roth Capital reissued a buy rating on shares of Daqo New Energy in a research note on Wednesday, August 14th.

DQ traded down $1.16 during trading on Monday, hitting $48.27. The company’s stock had a trading volume of 25,577 shares, compared to its average volume of 269,112. The company has a quick ratio of 0.48, a current ratio of 0.56 and a debt-to-equity ratio of 0.28. Daqo New Energy has a one year low of $20.35 and a one year high of $53.49. The firm has a market cap of $520.23 million, a PE ratio of 10.92, a P/E/G ratio of 0.89 and a beta of 1.59. The business’s 50 day simple moving average is $46.13 and its 200-day simple moving average is $39.97.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings results on Wednesday, August 14th. The semiconductor company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.09). Daqo New Energy had a positive return on equity of 5.57% and a negative net margin of 0.85%. The business had revenue of $65.96 million during the quarter, compared to the consensus estimate of $69.80 million. During the same quarter in the previous year, the business posted $1.36 earnings per share. Equities research analysts expect that Daqo New Energy will post 1.86 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Unison Advisors LLC purchased a new position in Daqo New Energy during the second quarter valued at $321,000. Handelsbanken Fonder AB purchased a new position in Daqo New Energy during the first quarter valued at $5,412,000. Elephas Investment Management Ltd purchased a new position in Daqo New Energy during the second quarter valued at $2,134,000. BNP Paribas Arbitrage SA purchased a new position in Daqo New Energy during the second quarter valued at $1,271,000. Finally, Voloridge Investment Management LLC purchased a new position in Daqo New Energy during the second quarter valued at $582,000. 36.96% of the stock is owned by hedge funds and other institutional investors.

About Daqo New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon and wafers in the People's Republic of China. It operates through two segments, Polysilicon and Wafers. The company offers polysilicon to photovoltaic product manufacturers who further process its polysilicon into ingots, wafers, cells, and modules for solar power solutions.

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