Mirae Asset Global Investments Co. Ltd. Trims Holdings in Daqo New Energy Corp. (NYSE:DQ)

Mirae Asset Global Investments Co. Ltd. cut its stake in shares of Daqo New Energy Corp. (NYSE:DQ - Free Report) by 96.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,508 shares of the semiconductor company's stock after selling 37,412 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Daqo New Energy were worth $30,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in Daqo New Energy by 12,187.5% in the 2nd quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 1,950 shares during the period. Signaturefd LLC boosted its stake in 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 purchasing an additional 602 shares during the period. AXA S.A. boosted its stake in Daqo New Energy by 202.3% in the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company's stock worth $93,000 after purchasing an additional 4,274 shares during the period. Rhumbline Advisers boosted its stake in Daqo New Energy by 22.2% in the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company's stock worth $118,000 after purchasing an additional 1,470 shares during the period. Finally, Daiwa Securities Group Inc. bought a new position in Daqo New Energy in the 1st quarter worth approximately $256,000. 47.22% of the stock is currently owned by institutional investors.

Daqo New Energy Trading Down 8.1 %

NYSE:DQ traded down $1.88 during midday trading on Wednesday, hitting $21.30. 2,167,874 shares of the company traded hands, compared to its average volume of 1,193,557. The firm's fifty day moving average is $19.08 and its 200-day moving average is $18.45. Daqo New Energy Corp. has a 12-month low of $13.62 and a 12-month high of $30.85. The firm has a market capitalization of $1.41 billion, a P/E ratio of -12.55 and a beta of 0.32.

Daqo New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analysts' expectations of $186.90 million. During the same quarter in the previous year, the company posted ($0.09) EPS. On average, research analysts expect that Daqo New Energy Corp. will post -3.46 EPS for the current fiscal year.

Daqo New Energy announced that its board has authorized a share repurchase program on Monday, July 22nd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

DQ has been the subject of several recent analyst reports. Hsbc Global Res upgraded Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 2nd. Roth Mkm lowered their target price 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. Daiwa Capital Markets upgraded Daqo New Energy from a "neutral" rating to an "outperform" rating in a research report on Wednesday, October 30th. Daiwa America upgraded Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group initiated coverage on Daqo New Energy in a research report on Thursday, July 11th. They set a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $22.26.

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.