Daqo New Energy Corp. to Post FY2022 Earnings of $26.51 Per Share, Jefferies Financial Group Forecasts (NYSE:DQ)

Daqo New Energy Corp. (NYSE:DQ – Get Rating) – Investment analysts at Jefferies Financial Group upped their FY2022 EPS estimates for Daqo New Energy in a note issued to investors on Wednesday, June 1st. Jefferies Financial Group analyst J. Wan now expects that the semiconductor company will earn $26.51 per share for the year, up from their prior forecast of $20.34. Jefferies Financial Group also issued estimates for Daqo New Energy’s FY2023 earnings at $29.50 EPS, FY2024 earnings at $17.85 EPS and FY2025 earnings at $6.46 EPS.

A number of other research firms have also recently commented on DQ. JPMorgan Chase & Co. raised shares of Daqo New Energy from a “neutral” rating to an “overweight” rating in a report on Wednesday, May 4th. They noted that the move was a valuation call. TheStreet upgraded shares of Daqo New Energy from a “c+” rating to a “b-” rating in a research report on Friday, May 6th. StockNews.com upgraded shares of Daqo New Energy from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 26th. Finally, Zacks Investment Research upgraded shares of Daqo New Energy from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Wednesday, February 23rd. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Daqo New Energy currently has a consensus rating of “Buy” and a consensus price target of $79.85.

DQ stock opened at $55.08 on Monday. The company has a market capitalization of $4.10 billion, a P/E ratio of 3.49 and a beta of 0.72. Daqo New Energy has a 52-week low of $32.20 and a 52-week high of $90.48. The business has a 50-day simple moving average of $44.01 and a two-hundred day simple moving average of $43.77. Daqo New Energy (NYSE:DQ – Get Rating) last issued its earnings results on Thursday, April 21st. The semiconductor company reported $6.99 EPS for the quarter, beating the consensus estimate of $6.29 by $0.70. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.15 billion. Daqo New Energy had a return on equity of 50.40% and a net margin of 44.72%. During the same period last year, the business posted $1.08 EPS.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its holdings in Daqo New Energy by 23.7% in the 4th quarter. BlackRock Inc. now owns 4,988,438 shares of the semiconductor company’s stock valued at $201,133,000 after acquiring an additional 954,938 shares during the last quarter. Invesco Ltd. grew its stake in shares of Daqo New Energy by 31.3% in the 4th quarter. Invesco Ltd. now owns 3,127,082 shares of the semiconductor company’s stock worth $126,084,000 after buying an additional 745,728 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Daqo New Energy by 4.4% during the 3rd quarter. Franklin Resources Inc. now owns 2,770,804 shares of the semiconductor company’s stock worth $157,936,000 after purchasing an additional 117,797 shares during the period. Vanguard Group Inc. boosted its stake in shares of Daqo New Energy by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 2,147,973 shares of the semiconductor company’s stock worth $88,753,000 after purchasing an additional 19,268 shares during the period. Finally, State Street Corp boosted its stake in shares of Daqo New Energy by 35.3% during the 4th quarter. State Street Corp now owns 1,521,522 shares of the semiconductor company’s stock worth $61,409,000 after purchasing an additional 397,253 shares during the period. Institutional investors and hedge funds own 70.99% of the company’s stock.

Daqo New Energy Company Profile (Get Rating)

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.

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