Daqo New Energy Corp. (NYSE:DQ) Short Interest Update

Daqo New Energy Corp. (NYSE:DQ - Get Free Report) was the recipient of a significant decline in short interest in October. As of October 31st, there was short interest totalling 3,680,000 shares, a decline of 6.1% from the October 15th total of 3,920,000 shares. Based on an average trading volume of 1,430,000 shares, the days-to-cover ratio is currently 2.6 days. Currently, 5.7% of the shares of the stock are short sold.

Daqo New Energy Stock Down 1.2 %

DQ traded down $0.23 during trading on Monday, reaching $19.03. 459,458 shares of the stock traded hands, compared to its average volume of 1,188,275. The stock's 50-day moving average is $20.10 and its 200 day moving average is $18.40. Daqo New Energy has a 12 month low of $13.62 and a 12 month high of $30.85. The stock has a market capitalization of $1.26 billion, a PE ratio of -10.24 and a beta of 0.32.

Daqo New Energy (NYSE:DQ - Get Free Report) last issued its earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share for the quarter, missing analysts' consensus estimates of ($0.80) by ($0.12). The business had revenue of $198.50 million during the quarter, compared to the consensus estimate of $186.90 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. As a group, equities research analysts anticipate that Daqo New Energy will post -3.5 EPS for the current year.

Daqo New Energy declared that its Board of Directors has authorized a stock repurchase plan on Monday, July 22nd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 8.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on DQ shares. Daiwa Capital Markets raised Daqo New Energy from a "neutral" rating to an "outperform" rating in a report on Wednesday, October 30th. 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. Jefferies Financial Group cut their price target on shares of Daqo New Energy from $38.40 to $34.05 and set a "buy" rating on the stock in a report on Monday, August 26th. Finally, StockNews.com upgraded Daqo New Energy to a "sell" rating in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $22.26.

Hedge Funds Weigh In On Daqo New Energy

Institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp raised its stake in Daqo New Energy by 6.4% during the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company's stock worth $36,456,000 after buying an additional 149,610 shares during the period. Ariose Capital Management Ltd raised its position in shares of Daqo New Energy by 23.9% during the second quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company's stock worth $17,244,000 after purchasing an additional 228,200 shares during the period. Sylebra Capital LLC lifted its holdings in shares of Daqo New Energy by 103.9% in the 2nd quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company's stock worth $13,778,000 after purchasing an additional 480,980 shares in the last quarter. State Street Corp grew its position in Daqo New Energy by 1.1% in the 3rd quarter. State Street Corp now owns 842,921 shares of the semiconductor company's stock valued at $17,170,000 after purchasing an additional 8,983 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in Daqo New Energy during the second quarter worth $11,080,000. 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.