Jefferies Financial Group Lowers Daqo New Energy (NYSE:DQ) Price Target to $34.05

Daqo New Energy (NYSE:DQ) had its price target trimmed by Jefferies Financial Group from $38.40 to $34.05 in a report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Several other research analysts have also commented on DQ. StockNews.com lowered Daqo New Energy from a hold rating to a sell rating in a research report on Tuesday, August 13th. HSBC reiterated a reduce rating and issued a $17.50 target price (down from $23.50) on shares of Daqo New Energy in a report on Monday, May 6th. The Goldman Sachs Group started coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They issued a buy rating on the stock. Finally, Roth Mkm reiterated a neutral rating and set a $23.00 price objective on shares of Daqo New Energy in a research note on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $22.26.

Daqo New Energy Stock Performance

NYSE DQ opened at $14.54 on Monday. Daqo New Energy has a one year low of $13.62 and a one year high of $37.92. The company has a market capitalization of $959.74 million, a price-to-earnings ratio of 6.83 and a beta of 0.28. The company’s 50-day simple moving average is $16.04 and its two-hundred day simple moving average is $20.14.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($1.25). The business had revenue of $219.91 million for the quarter, compared to analysts’ expectations 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 business earned $1.34 earnings per share. Equities analysts expect that Daqo New Energy will post 0.46 earnings per share for the current fiscal year.

Daqo New Energy announced that its board has approved a stock buyback program on Monday, July 22nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 8.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Daqo New Energy

Large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in Daqo New Energy by 117.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 858 shares during the period. Blue Trust Inc. raised its stake in shares of 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 worth $29,000 after purchasing an additional 1,950 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Daqo New Energy by 39.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 664 shares during the last quarter. AXA S.A. boosted its position in Daqo New Energy by 202.3% in the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after buying an additional 4,274 shares during the last quarter. Finally, Rhumbline Advisers boosted its position 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 buying an additional 1,470 shares during the last quarter. 47.22% of the stock is owned by hedge funds and other institutional investors.

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.