Daqo New Energy Corp. (NYSE:DQ – Get Free Report) dropped 5.1% on Wednesday after Roth Mkm lowered their price target on the stock from $23.00 to $15.00. Roth Mkm currently has a neutral rating on the stock. Daqo New Energy traded as low as $14.08 and last traded at $14.10. Approximately 188,259 shares changed hands during trading, a decline of 82% from the average daily volume of 1,059,873 shares. The stock had previously closed at $14.85.
DQ has been the subject of a number of other research reports. Hsbc Global Res raised Daqo New Energy from a “moderate sell” rating to a “hold” rating in a research report on Tuesday. StockNews.com cut Daqo New Energy from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. HSBC upgraded shares of Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price target on the stock in a report on Tuesday. Jefferies Financial Group dropped 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. Finally, The Goldman Sachs Group started coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They set a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $22.26.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the company. Blue Trust Inc. increased its position in shares of Daqo New Energy by 12,187.5% during the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 1,950 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings 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 purchasing an additional 858 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Daqo New Energy by 39.4% in the 4th 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 in the last quarter. AXA S.A. boosted its stake in shares of Daqo New Energy by 202.3% during the 2nd 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 grew its position in shares of Daqo New Energy by 22.2% during the second 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. 47.22% of the stock is owned by institutional investors and hedge funds.
Daqo New Energy Stock Down 5.6 %
The firm has a market cap of $925.42 million, a P/E ratio of 6.59 and a beta of 0.28. The business’s 50 day moving average is $16.20 and its 200-day moving average is $20.23.
Daqo New Energy (NYSE:DQ – Get Free Report) last released its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25). Daqo New Energy had a return on equity of 2.46% and a net margin of 7.84%. The company had revenue of $219.91 million during the quarter, compared to the consensus estimate of $406.50 million. During the same period in the previous year, the firm posted $1.34 EPS. As a group, equities analysts predict that Daqo New Energy Corp. will post 0.46 earnings per share for the current year.
Daqo New Energy declared that its board has approved a share repurchase program 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 shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
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.