Daqo New Energy (NYSE:DQ) Sets New 52-Week High - Time to Buy?

Daqo New Energy Corp. (NYSE:DQ - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The company 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DQ. Jefferies Financial Group reduced their target price on Daqo New Energy from $38.40 to $34.05 and set a "buy" rating on the stock in a report on Monday, August 26th. Nomura Securities upgraded shares of Daqo New Energy to a "strong-buy" rating in a research note on Wednesday, August 28th. HSBC upgraded shares of Daqo New Energy from a "hold" rating to a "buy" rating in a research report on Wednesday, October 2nd. Hsbc Global Res upgraded shares of Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 2nd. Finally, Daiwa Capital Markets reissued a "hold" rating and issued a $25.00 price objective (up from $18.00) on shares of Daqo New Energy in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $22.26.

Daqo New Energy Trading Up 14.1 %

The business has a 50-day moving average of $18.14 and a two-hundred day moving average of $18.45. The firm has a market cap of $1.92 billion, a P/E ratio of 13.69 and a beta of 0.32.

Daqo New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings data on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share (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 during the quarter, compared to analyst estimates of $406.50 million. During the same period in the prior year, the company earned $1.34 EPS. As a group, equities analysts expect that Daqo New Energy Corp. will post -3.35 EPS for the current year.

Daqo New Energy declared that its board has initiated a stock buyback plan on Monday, July 22nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to reacquire up to 8.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

Institutional Trading of Daqo New Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DQ. Signaturefd LLC increased its stake in Daqo New Energy by 27.3% in the third quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company's stock valued at $57,000 after purchasing an additional 602 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Daqo New Energy by 117.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company's stock worth $42,000 after buying an additional 858 shares during the period. Rhumbline Advisers boosted its holdings in Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company's stock worth $118,000 after acquiring an additional 1,470 shares in the last quarter. Shell Asset Management Co. grew its stake in Daqo New Energy by 20.6% in the first 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 period. Finally, Blue Trust Inc. increased its holdings in shares of Daqo New Energy by 12,187.5% during the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 1,950 shares in the last quarter. Institutional investors and hedge funds own 47.22% of the company's stock.

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.