Daqo New Energy (NYSE:DQ) Shares Up 3.9%

Daqo New Energy Corp. (NYSE:DQ) was up 3.9% on Tuesday . The company traded as high as $15.68 and last traded at $15.63. Approximately 56,670 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 1,025,108 shares. The stock had previously closed at $15.05.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Jefferies Financial Group dropped their price target on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research note on Monday, August 26th. HSBC upgraded Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 target price on the stock in a research note on Tuesday, August 27th. StockNews.com raised shares of Daqo New Energy to a “sell” rating in a research note on Thursday, September 5th. Nomura Securities raised shares of Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. Finally, The Goldman Sachs Group assumed coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They set a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.26.

Daqo New Energy Trading Up 2.5 %

The company has a market cap of $1.12 billion, a P/E ratio of 8.00 and a beta of 0.30. The business has a 50 day moving average price of $15.92 and a 200-day moving average price of $19.74.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings results 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). Daqo New Energy had a negative return on equity of 1.04% and a negative net margin of 4.11%. The firm had revenue of $219.91 million for the quarter, compared to the consensus estimate of $406.50 million. During the same period last year, the company posted $1.34 earnings per share. On average, sell-side analysts expect that Daqo New Energy Corp. will post -3.35 earnings per share for the current year.

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

Institutional Investors Weigh In On Daqo New Energy

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. acquired a new stake in Daqo New Energy during the second quarter worth approximately $11,080,000. Sylebra Capital LLC increased its stake in shares of Daqo New Energy by 103.9% during the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock worth $13,778,000 after purchasing an additional 480,980 shares during the period. Mackenzie Financial Corp lifted its holdings in Daqo New Energy by 6.4% during the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock worth $36,456,000 after purchasing an additional 149,610 shares during the last quarter. AXA S.A. boosted its stake in Daqo New Energy by 202.3% in the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 4,274 shares during the period. Finally, Marshall Wace LLP grew its holdings in Daqo New Energy by 112.3% in the 2nd quarter. Marshall Wace LLP now owns 322,635 shares of the semiconductor company’s stock valued at $4,710,000 after buying an additional 170,660 shares in the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

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.