Daqo New Energy (NYSE:DQ) Posts Earnings Results, Misses Estimates By $1.25 EPS

Daqo New Energy (NYSE:DQ) issued its earnings results on Monday. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25), Yahoo Finance reports. The business had revenue of $219.91 million for 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 quarter last year, the firm posted $1.34 earnings per share.

Daqo New Energy Stock Performance

DQ traded down $0.82 on Wednesday, hitting $14.03. 348,248 shares of the company were exchanged, compared to its average volume of 1,061,517. The stock’s fifty day moving average is $16.20 and its 200-day moving average is $20.23. The company has a market cap of $926.08 million, a PE ratio of 6.59 and a beta of 0.28. Daqo New Energy has a 12 month low of $13.62 and a 12 month high of $37.92.

Daqo New Energy announced that its board has initiated a share repurchase 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 shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. HSBC raised shares of Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price target for the company in a report on Tuesday. Jefferies Financial Group dropped their price target on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a report on Monday. The Goldman Sachs Group started coverage on Daqo New Energy in a research note on Thursday, July 11th. They issued a “buy” rating on the stock. StockNews.com lowered Daqo New Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Finally, Roth Mkm reduced their price target on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $22.26.

Daqo New Energy Company Profile

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.