Daqo New Energy (NYSE:DQ) Shares Gap Down to $17.39

Daqo New Energy Corp. (NYSE:DQ)’s share price gapped down before the market opened on Friday . The stock had previously closed at $17.39, but opened at $16.21. Daqo New Energy shares last traded at $16.85, with a volume of 41,904 shares traded.

Wall Street Analyst Weigh In

DQ has been the subject of a number of recent analyst reports. StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Thursday, September 5th. Nomura Securities upgraded shares of Daqo New Energy to a “strong-buy” rating in a research note on Wednesday, August 28th. The Goldman Sachs Group began coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They issued a “buy” rating on the stock. HSBC upgraded shares of 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, August 27th. Finally, Roth Mkm dropped their price objective on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 28th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Daqo New Energy has an average rating of “Hold” and a consensus price target of $22.26.

Daqo New Energy Stock Down 6.4 %

The business has a 50-day simple moving average of $15.95 and a two-hundred day simple moving average of $19.66. The stock has a market capitalization of $1.07 billion, a P/E ratio of 7.64 and a beta of 0.30.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings results on Monday, August 26th. The semiconductor company reported ($1.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25). The firm 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 quarter last year, the firm earned $1.34 earnings per share. On average, sell-side analysts forecast that Daqo New Energy Corp. will post -3.35 earnings per share for the current year.

Daqo New Energy announced that its Board of Directors has approved a share repurchase program on Monday, July 22nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Daqo New Energy

Several hedge funds have recently modified their holdings of the stock. Quadrant Capital Group LLC raised its position in shares of Daqo New Energy by 39.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 664 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Daqo New Energy by 42.9% during the 4th quarter. Hsbc Holdings PLC now owns 219,204 shares of the semiconductor company’s stock worth $5,826,000 after purchasing an additional 65,772 shares during the last quarter. KBC Group NV lifted its position in Daqo New Energy by 121.6% during the 4th quarter. KBC Group NV now owns 22,367 shares of the semiconductor company’s stock valued at $595,000 after purchasing an additional 12,273 shares during the period. Intrinsic Edge Capital Management LLC lifted its position in Daqo New Energy by 38.5% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 18,000 shares of the semiconductor company’s stock valued at $479,000 after purchasing an additional 5,000 shares during the period. Finally, Franchise Capital Ltd bought a new position in shares of Daqo New Energy in the 4th quarter valued at about $4,788,000. 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.