Daqo New Energy (NYSE:DQ) Shares Gap Up to $14.04

Daqo New Energy Corp. (NYSE:DQ)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $14.04, but opened at $14.47. Daqo New Energy shares last traded at $14.52, with a volume of 43,571 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DQ. Roth Mkm lowered their price target on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday. The Goldman Sachs Group initiated coverage on Daqo New Energy in a report on Thursday, July 11th. They set a “buy” rating on the stock. HSBC raised Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price target for the company in a report on Tuesday. Jefferies Financial Group decreased their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a report on Monday. Finally, StockNews.com cut shares of Daqo New Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $22.26.

Daqo New Energy Stock Up 3.7 %

The firm has a market capitalization of $961.06 million, a price-to-earnings ratio of 6.58 and a beta of 0.28. The company’s 50 day moving average is $16.11 and its 200 day moving average is $20.18.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) EPS for the quarter, missing the consensus estimate of ($0.56) by ($1.25). The business had revenue of $219.91 million for the quarter, compared to the consensus estimate of $406.50 million. Daqo New Energy had a return on equity of 2.46% and a net margin of 7.84%. During the same period in the prior year, the business posted $1.34 earnings per share. On average, analysts expect that Daqo New Energy Corp. will post 0.46 EPS for the current year.

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

Hedge Funds Weigh In On Daqo New Energy

Several hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. raised its position in Daqo New Energy by 2.0% during the fourth quarter. Franklin Resources Inc. now owns 2,728,399 shares of the semiconductor company’s stock valued at $72,575,000 after purchasing an additional 53,860 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Daqo New Energy by 6.4% in the second quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock valued at $36,456,000 after buying an additional 149,610 shares in the last quarter. Ariose Capital Management Ltd boosted its stake in Daqo New Energy by 23.9% in the second quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company’s stock valued at $17,244,000 after buying an additional 228,200 shares in the last quarter. Sylebra Capital LLC grew its position in Daqo New Energy by 103.9% in the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after acquiring an additional 480,980 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in Daqo New Energy during the second quarter worth about $11,080,000. 47.22% of the stock is owned by institutional investors.

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.