Daqo New Energy (NYSE:DQ) Trading Up 3.2%

Daqo New Energy Corp. (NYSE:DQ)’s share price shot up 3.2% during mid-day trading on Tuesday . The stock traded as high as $15.19 and last traded at $15.16. 107,658 shares changed hands during trading, a decline of 90% from the average session volume of 1,060,828 shares. The stock had previously closed at $14.69.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Jefferies Financial Group lowered their price target on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a report on Monday. HSBC upgraded Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 target price for the company in a research note on Tuesday. Roth Mkm reaffirmed a “neutral” rating and set a $23.00 target price on shares of Daqo New Energy in a research report on Tuesday, April 30th. The Goldman Sachs Group assumed coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They issued a “buy” rating for the company. Finally, StockNews.com downgraded shares of Daqo New Energy from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $24.26.

Daqo New Energy Stock Up 1.1 %

The business’s fifty day moving average is $16.27 and its two-hundred day moving average is $20.26. The firm has a market cap of $980.20 million, a price-to-earnings ratio of 7.27 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last released its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25). The company had revenue of $219.91 million during the quarter, compared to analyst estimates of $406.50 million. Daqo New Energy had a net margin of 7.84% and a return on equity of 2.46%. During the same period in the previous year, the company posted $1.34 EPS. Research analysts forecast that Daqo New Energy Corp. will post 0.46 EPS for the current year.

Daqo New Energy declared that its Board of Directors has authorized a share buyback plan on Monday, July 22nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Daqo New Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its holdings in shares of Daqo New Energy by 117.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 858 shares during the last quarter. Blue Trust Inc. grew its position in Daqo New Energy by 12,187.5% in the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 1,950 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Daqo New Energy by 39.4% in the 4th quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 664 shares during the last quarter. AXA S.A. lifted its position in Daqo New Energy by 202.3% during the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after buying an additional 4,274 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after purchasing an additional 1,470 shares in the last quarter. 47.22% of the stock is owned by institutional investors and hedge funds.

About Daqo New Energy

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