Bank of America, NA recently announced the acquisition of new stake in Daqo New Energy Corp. (NYSE:DQ). The institutional investor has increased its shareholding in the Technology company by 10,558.80% to 1.74 million shares with purchase of 1.72 million shares. This fresh investment now brings its stake to 2.32% valued currently at $79.88 million. In addition, BlackRock Fund Advisors raised its holdings by 10931.0 to 1.74 million shares. And The Vanguard Group, Inc. has lifted its position by 0.25% or 4177.0 shares – to 1.66 million shares.
With over 1.2 million Daqo New Energy Corp. (DQ) shares trading Tuesday and a closing price of $39.74 on the day, the dollar volume was approximately $47.62 million. The shares have shown a negative half year performance of -25.15% and its price on 05/23/23 gained nearly 5.30%. Currently, there are 78.30M common shares owned by the public and among those 67.22M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for DQ have a consensus price objective of $57.08. The analysts have set the share’s price value over the next 12 months at a high of $87.00 and a low of $26.42. The average price target is 32.75% above its recent price level and a downside to the estimated low will see the stock lose -50.42% over that period. But an upside of 54.32% will see the stock hit the forecast high price target while median target price for the stock is $56.03.
The top 3 mutual fund holders in Daqo New Energy Corp. are Invesco Solar ETF, Templeton Emerging Markets Invest, and Vanguard Emerging Markets Stock I. Invesco Solar ETF owns 1.41 million shares of the company’s stock, all valued at over $64.62 million. The company sold 11391.0 shares recently to bring their total holdings to about 1.88% of the shares outstanding. Templeton Emerging Markets Invest sold -0.22 million shares to see its total holdings shrink to 1.08 million shares valued at over $49.4 million and representing 1.44% of the shares outstanding. Vanguard Emerging Markets Stock I now owns shares totaling to 1.06% of the shares outstanding.
Shares of Daqo New Energy Corp. (NYSE: DQ) opened at $38.78, up $1.04 from a prior closing price of $37.74. However, the script later moved the day high at 40.05, up 5.30%. The company’s stock has a 5-day price change of -4.61% and -11.79% over the past three months. DQ shares are trading 2.93% year to date (YTD), with the 12-month market performance down to -16.27% lower. It has a 12-month low price of $36.91 and touched a high of $77.18 over the same period. DQ has an average intraday trading volume of 1.20 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.73%, -12.09%, and -20.17% respectively.
Institutional ownership of Daqo New Energy Corp. (NYSE: DQ) shares accounts for 62.20% of the company’s 78.30M shares outstanding. Mutual fund holders own 23.19%, while other institutional holders and individual stakeholders account for 38.50% and — respectively.
It has a market capitalization of $3.17B and a beta (3y monthly) value of 0.53. The stock’s trailing 12-month PE ratio is 1.98, while the earnings-per-share (ttm) stands at $20.04. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.69% over the week and 5.07% over the month.
Analysts forecast that Daqo New Energy Corp. (DQ) will achieve an EPS of $5.54 for the current quarter, $3.78 for the next quarter and $10.28 for 2024. The lowest estimate earnings-per-share for the quarter is $5.3 while analysts give the company a high EPS estimate of $5.79. Comparatively, EPS for the current quarter was $8.18 a year ago. Earnings per share for the fiscal year are expected to increase by 141.30%, and -34.80% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Daqo New Energy Corp. (DQ) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 5 of the 14 advise that investors “hold,” and 1 rated it as a “Sell.”
