Daqo New Energy (NYSE:DQ – Get Free Report) released its earnings results on Monday. The semiconductor company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25), Yahoo Finance reports. Daqo New Energy had a net margin of 7.84% and a return on equity of 2.46%. The company had revenue of $219.91 million during the quarter, compared to analysts’ expectations of $406.50 million. During the same quarter in the previous year, the firm posted $1.34 earnings per share.
Daqo New Energy Trading Down 5.7 %
NYSE DQ traded down $0.85 during trading hours on Wednesday, reaching $14.00. 459,659 shares of the company traded hands, compared to its average volume of 1,061,907. The company has a 50 day moving average of $16.20 and a two-hundred day moving average of $20.23. The stock has a market capitalization of $924.10 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 stock 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 purchase up to 8.6% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
View Our Latest Stock Analysis on Daqo New Energy
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.
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