Daqo New Energy (NYSE:DQ) Trading Up 5.9%

Daqo New Energy Corp. (NYSE:DQ)’s share price traded up 5.9% during trading on Wednesday . The stock traded as high as $15.23 and last traded at $15.13. 297,145 shares were traded during trading, a decline of 72% from the average session volume of 1,054,469 shares. The stock had previously closed at $14.29.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. StockNews.com upgraded Daqo New Energy to a “sell” rating in a research note on Thursday. Roth Mkm decreased their price objective on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, August 28th. HSBC raised shares of Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 target price for the company in a report on Tuesday, August 27th. Hsbc Global Res upgraded Daqo New Energy from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, August 27th. Finally, Jefferies Financial Group decreased their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research report on Monday, August 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $22.26.

Daqo New Energy Stock Down 1.0 %

The business’s 50 day moving average price is $15.91 and its 200-day moving average price is $19.99. The company has a market cap of $1.00 billion, a PE ratio of 7.15 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25). Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. The business had revenue of $219.91 million during the quarter, compared to analyst estimates of $406.50 million. During the same period in the previous year, the company earned $1.34 earnings per share. Equities analysts expect that Daqo New Energy Corp. will post -3.35 earnings per share for the current year.

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

Institutional Investors Weigh In On Daqo New Energy

Hedge funds have recently added to or reduced their stakes in the stock. Boston Partners bought a new stake in shares of Daqo New Energy during the fourth quarter valued at approximately $2,016,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Daqo New Energy by 4.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 48,744 shares of the semiconductor company’s stock worth $1,184,000 after purchasing an additional 1,899 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Daqo New Energy by 39.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 664 shares during the period. Franklin Resources Inc. lifted its holdings in Daqo New Energy by 2.0% in the fourth quarter. Franklin Resources Inc. now owns 2,728,399 shares of the semiconductor company’s stock worth $72,575,000 after purchasing an additional 53,860 shares during the period. Finally, Hsbc Holdings PLC grew its position in Daqo New Energy by 42.9% in the 4th quarter. Hsbc Holdings PLC now owns 219,204 shares of the semiconductor company’s stock valued at $5,826,000 after buying an additional 65,772 shares in the last quarter. 47.22% of the stock is currently owned by 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.