Daqo New Energy (NYSE:DQ) Stock Price Up 6.8%

Shares of Daqo New Energy Corp. (NYSE:DQ) shot up 6.8% during trading on Wednesday . The company traded as high as $22.42 and last traded at $22.11. 1,066,433 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 1,033,985 shares. The stock had previously closed at $20.71.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Hsbc Global Res upgraded Daqo New Energy from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, August 27th. Nomura Securities raised Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. Jefferies Financial Group lowered their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a research report on Monday, August 26th. StockNews.com raised shares of Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Finally, The Goldman Sachs Group started coverage on shares of Daqo New Energy in a research note on Thursday, July 11th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Daqo New Energy presently has an average rating of “Hold” and a consensus price target of $22.26.

Daqo New Energy Trading Up 5.9 %

The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 10.27 and a beta of 0.30. The stock has a 50-day simple moving average of $16.21 and a 200-day simple moving average of $19.15.

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). The company had revenue of $219.91 million during the quarter, compared to analyst estimates of $406.50 million. Daqo New Energy had a negative net margin of 4.11% and a negative return on equity of 1.04%. During the same period in the prior year, the company earned $1.34 earnings per share. On average, research analysts forecast that Daqo New Energy Corp. will post -3.35 EPS for the current year.

Daqo New Energy announced that its Board of Directors has initiated a stock buyback plan on Monday, July 22nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Daqo New Energy

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in 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 valued at $29,000 after acquiring an additional 1,950 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Daqo New Energy by 117.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 858 shares during the last quarter. AXA S.A. boosted its position in shares of Daqo New Energy by 202.3% during the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after buying an additional 4,274 shares during the period. Rhumbline Advisers grew its holdings in Daqo New Energy by 22.2% in the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after buying an additional 1,470 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in Daqo New Energy by 37.9% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock worth $211,000 after buying an additional 3,970 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.