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

Daqo New Energy Corp. (NYSE:DQ - Get Free Report) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 3,920,000 shares, a growth of 9.8% from the September 30th total of 3,570,000 shares. Based on an average daily volume of 959,600 shares, the short-interest ratio is currently 4.1 days. Approximately 6.0% of the company's shares are short sold.

Analysts Set New Price Targets

A number of research analysts recently issued reports on DQ shares. The Goldman Sachs Group started coverage on Daqo New Energy in a report on Thursday, July 11th. They set a "buy" rating on the stock. Daiwa Capital Markets raised Daqo New Energy from a "neutral" rating to an "outperform" rating in a research note on Wednesday. StockNews.com raised shares of Daqo New Energy to a "sell" rating in a research report on Monday, September 23rd. Roth Mkm reduced their price target on Daqo New Energy from $23.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, August 28th. Finally, HSBC upgraded shares of Daqo New Energy from a "hold" rating to a "buy" rating in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $22.26.

Hedge Funds Weigh In On Daqo New Energy

Several large investors have recently added to or reduced their stakes 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. PNC Financial Services Group Inc. lifted its stake in Daqo New Energy by 117.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company's stock worth $42,000 after purchasing an additional 858 shares in the last quarter. Signaturefd LLC grew its position in shares of Daqo New Energy by 27.3% during 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. AXA S.A. increased its holdings in shares of Daqo New Energy by 202.3% in the second 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 last quarter. Finally, Rhumbline Advisers lifted its position in shares of 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 buying an additional 1,470 shares in the last quarter. Hedge funds and other institutional investors own 47.22% of the company's stock.

Daqo New Energy Trading Down 1.1 %

NYSE:DQ traded down $0.25 during mid-day trading on Wednesday, reaching $22.26. The company's stock had a trading volume of 4,462,036 shares, compared to its average volume of 1,186,901. The firm's fifty day moving average price is $18.29 and its two-hundred day moving average price is $18.45. Daqo New Energy has a 12-month low of $13.62 and a 12-month high of $30.85. The stock has a market cap of $1.47 billion, a P/E ratio of 11.13 and a beta of 0.32.

Daqo New Energy (NYSE:DQ - Get Free Report) last posted its 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 company had revenue of $219.91 million during the quarter, compared to the consensus estimate of $406.50 million. Daqo New Energy had a negative return on equity of 1.04% and a negative net margin of 4.11%. During the same period last year, the firm posted $1.34 EPS. Analysts predict that Daqo New Energy will post -3.35 earnings per share for the current fiscal year.

Daqo New Energy declared that its Board of Directors has authorized a stock buyback program on Monday, July 22nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 8.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

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.