Daqo New Energy Corp. (NYSE:DQ) Sees Significant Decrease in Short Interest

Daqo New Energy Corp. (NYSE:DQ) was the target of a significant drop in short interest in October. As of October 31st, there was short interest totalling 3,680,000 shares, a drop of 6.1% from the October 15th total of 3,920,000 shares. Based on an average daily trading volume, of 1,430,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 5.7% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on DQ shares. StockNews.com raised shares of Daqo New Energy to a “sell” rating in a report on Monday, September 23rd. Nomura Securities upgraded shares of Daqo New Energy to a “strong-buy” rating in a report on Wednesday, August 28th. Roth Mkm cut their price objective on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, August 28th. Jefferies Financial Group cut their target price on 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. Finally, Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, Daqo New Energy currently has a consensus rating of “Buy” and an average price target of $22.26.

Daqo New Energy Trading Down 1.2 %

Shares of DQ opened at $19.03 on Tuesday. The business’s 50-day moving average is $20.19 and its 200-day moving average is $18.40. Daqo New Energy has a fifty-two week low of $13.62 and a fifty-two week high of $30.85.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.12). Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $186.90 million. During the same quarter in the prior year, the company posted ($0.09) EPS. Sell-side analysts predict that Daqo New Energy will post -3.5 EPS for the current fiscal year.

Daqo New Energy declared that its Board of Directors has approved a share repurchase plan on Monday, July 22nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 8.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors 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. Acadian Asset Management LLC bought a new stake in Daqo New Energy in the first quarter worth $3,457,000. Shell Asset Management Co. increased its holdings in shares of Daqo New Energy by 20.6% during the 1st quarter. Shell Asset Management Co. now owns 10,734 shares of the semiconductor company’s stock valued at $302,000 after acquiring an additional 1,834 shares during the last quarter. Caxton Associates LP raised its stake in shares of Daqo New Energy by 250.3% in the 1st quarter. Caxton Associates LP now owns 140,787 shares of the semiconductor company’s stock valued at $3,963,000 after acquiring an additional 100,594 shares in the last quarter. Sylebra Capital LLC acquired a new stake in Daqo New Energy in the 1st quarter worth approximately $13,025,000. Finally, National Wealth Management Group LLC bought a new stake in Daqo New Energy during the first quarter worth approximately $403,000. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.