Daqo New Energy Corp. (NYSE:DQ - Get Free Report) saw strong trading volume on Wednesday . 1,329,073 shares were traded during trading, an increase of 13% from the previous session's volume of 1,171,982 shares.The stock last traded at $23.52 and had previously closed at $22.51.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on DQ shares. The Goldman Sachs Group initiated coverage on Daqo New Energy in a research note on Thursday, July 11th. They issued a "buy" rating for the company. Roth Mkm reduced their price target on shares of 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. Hsbc Global Res raised shares of Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 2nd. Daiwa America upgraded shares of Daqo New Energy to a "hold" rating in a research note on Wednesday, October 9th. Finally, Nomura Securities raised shares of Daqo New Energy to a "strong-buy" rating in a research note on Wednesday, August 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Daqo New Energy currently has an average rating of "Moderate Buy" and an average target price of $22.26.
Check Out Our Latest Research Report on Daqo New Energy
Daqo New Energy Stock Down 1.1 %
The stock has a market cap of $1.47 billion, a P/E ratio of 10.45 and a beta of 0.32. The firm's 50-day moving average is $18.42 and its two-hundred day moving average is $18.47.
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 for the quarter, missing analysts' consensus estimates of ($0.56) by ($1.25). The business had revenue of $219.91 million for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $1.34 EPS. Analysts anticipate that Daqo New Energy Corp. will post -3.35 earnings per share for the current fiscal year.
Daqo New Energy announced that its board has initiated a stock repurchase program on Monday, July 22nd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the semiconductor company to buy up to 8.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its stock is undervalued.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of DQ. Blue Trust Inc. increased its position 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 buying an additional 1,950 shares during the period. PNC Financial Services Group Inc. increased its position in Daqo New Energy by 117.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company's stock worth $42,000 after acquiring an additional 858 shares during the period. Signaturefd LLC raised its stake in Daqo New Energy by 27.3% during 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 last quarter. AXA S.A. boosted its holdings 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 valued at $93,000 after purchasing an additional 4,274 shares during the period. Finally, Rhumbline Advisers grew its position 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 last quarter. Institutional investors own 47.22% of the company's stock.
Daqo New Energy Company Profile
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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.
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