Daqo New Energy (NYSE:DQ) Sees Large Volume Increase - Here's Why

Shares of Daqo New Energy Corp. (NYSE:DQ - Get Free Report) saw an uptick in trading volume on Wednesday . 1,356,692 shares were traded during trading, an increase of 27% from the previous session's volume of 1,065,444 shares.The stock last traded at $22.86 and had previously closed at $20.82.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Roth Mkm decreased their price objective on Daqo New Energy from $23.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, August 28th. StockNews.com raised Daqo New Energy to a "sell" rating in a research note on Monday, September 23rd. Nomura Securities raised shares of Daqo New Energy to a "strong-buy" rating in a research note on Wednesday, August 28th. Daiwa Capital Markets reaffirmed a "hold" rating and issued a $25.00 target price (up previously from $18.00) on shares of Daqo New Energy in a research note on Wednesday, October 9th. Finally, HSBC raised shares of Daqo New Energy from a "hold" rating to a "buy" rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Daqo New Energy has a consensus rating of "Moderate Buy" and an average target price of $22.26.

Daqo New Energy Stock Up 6.8 %

The company's fifty day moving average price is $17.44 and its two-hundred day moving average price is $18.49. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 10.62 and a beta of 0.32.

Daqo New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings results 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). 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 period in the prior year, the business earned $1.34 EPS. On average, equities research analysts predict that Daqo New Energy Corp. will post -3.35 earnings per share for the current fiscal year.

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

Institutional Trading of Daqo New Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC raised its holdings in shares of Daqo New Energy by 27.3% in the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company's stock valued at $57,000 after purchasing an additional 602 shares during the period. Blue Trust Inc. raised its stake in Daqo New Energy by 132.3% in the third quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company's stock valued at $93,000 after buying an additional 2,601 shares during the period. Green Alpha Advisors LLC lifted its position in shares of Daqo New Energy by 15.9% in the third quarter. Green Alpha Advisors LLC now owns 23,877 shares of the semiconductor company's stock valued at $486,000 after buying an additional 3,270 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Daqo New Energy during the 2nd quarter worth approximately $11,080,000. Finally, Sylebra Capital LLC increased its holdings in shares of Daqo New Energy by 103.9% during the 2nd quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company's stock worth $13,778,000 after acquiring an additional 480,980 shares during the last quarter. Institutional investors own 47.22% of the company's stock.

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.