Daqo New Energy (NYSE:DQ) Hits New 52-Week High – What’s Next?

Daqo New Energy Corp. (NYSE:DQ)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $30.49 and last traded at $29.22, with a volume of 3638405 shares. The stock had previously closed at $25.54.

Wall Street Analyst Weigh In

DQ has been the topic of a number of research reports. Daiwa America upgraded Daqo New Energy to a “hold” rating in a research report on Wednesday, October 9th. Roth Mkm dropped their price target on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, August 28th. StockNews.com upgraded Daqo New Energy to a “sell” rating in a report on Monday, September 23rd. HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, The Goldman Sachs Group initiated coverage on Daqo New Energy in a report on Thursday, July 11th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Daqo New Energy presently has an average rating of “Moderate Buy” and a consensus price target of $22.26.

Daqo New Energy Trading Down 22.8 %

The company has a market cap of $1.48 billion, a P/E ratio of 10.56 and a beta of 0.32. The stock’s 50-day moving average price is $18.29 and its 200-day moving average price is $18.45.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $219.91 million for the quarter, compared to the consensus estimate of $406.50 million. During the same quarter in the prior year, the firm earned $1.34 EPS. On average, research analysts anticipate that Daqo New Energy Corp. will post -3.35 earnings per share for the current fiscal year.

Daqo New Energy declared that its Board of Directors has authorized a stock repurchase plan on Monday, July 22nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 8.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Daqo New Energy

Several institutional investors have recently made changes to their positions in DQ. Van ECK Associates Corp lifted its holdings in Daqo New Energy by 4.3% during the third quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock worth $415,000 after acquiring an additional 764 shares during the period. Signaturefd LLC boosted its holdings in shares of Daqo New Energy by 27.3% in the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock worth $57,000 after buying an additional 602 shares during the last quarter. Blue Trust Inc. increased its holdings in Daqo New Energy by 132.3% during the third quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock worth $93,000 after buying an additional 2,601 shares during the last quarter. Green Alpha Advisors LLC boosted its stake in Daqo New Energy by 15.9% in the third quarter. Green Alpha Advisors LLC now owns 23,877 shares of the semiconductor company’s stock valued at $486,000 after acquiring an additional 3,270 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Daqo New Energy during the 2nd quarter worth approximately $11,080,000. Institutional investors 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.