11 Best Solar Energy Stocks to Buy Right Now

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8. Daqo New Energy Corp. (NYSE:DQ)

Year-to-date Performance: 51.19%

Number of Hedge Fund Holders: 10

Daqo New Energy Corp (NYSE:DQ) is one of the best solar energy stocks to buy right now. On October 27, Daqo New Energy Corp (NYSE:DQ) delivered solid third-quarter financial results as it benefited from recovery in market prices across the solar PV value chain.

The company delivered a record positive EBITDA of $45.8 million, leading to adjusted net income of $3.7 million. Revenue exceeded expectations by 26.77%, coming in at $244.6 million against $192.95 million expected. It was a significant improvement given that the company delivered $75.2 million in revenue in the second quarter. Earnings per share totaled $0.05 against an expected loss of $0.49 a share.

Daqo New Energy exited the third quarter with $2.21 billion in bank deposits and financial investment assets, an increase of $148 million from the second quarter. Consequently, it remains in a solid financial position and maintains strategic flexibility to navigate the ongoing market recovery and pursue long-term opportunities, according to CEO Mr. Xiang Xu.

“The strong increase in sales volume reflects both our customers’ confidence in Daqo’s product quality and their continued preference for our products in the new pricing environment. As a result, our sales volume far exceeded production, bringing our inventory down to a healthy level,” said CEO Xu.

Daqo New Energy Corp (NYSE:DQ) manufactures and sells high-purity polysilicon, a material essential for creating solar photovoltaic (PV) products. Its customers are solar product manufacturers who use its polysilicon to produce solutions for the solar power industry.

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