Daqo New Energy Corp. (NYSE:DQ – Get Free Report) was the recipient of a significant growth in short interest in 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. Currently, 6.0% of the shares of the stock are short sold. Based on an average trading volume of 959,600 shares, the days-to-cover ratio is presently 4.1 days.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the company. StockNews.com raised Daqo New Energy to a “sell” rating in a research note on Monday, September 23rd. Roth Mkm dropped their target price 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 upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. HSBC upgraded shares of Daqo New Energy from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Jefferies Financial Group lowered their target price on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $22.26.
Read Our Latest Analysis on Daqo New Energy
Daqo New Energy Trading Down 22.8 %
Daqo New Energy (NYSE:DQ – Get Free Report) last released its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($1.25). The company had revenue of $219.91 million for the quarter, compared to analysts’ expectations 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 last year, the firm posted $1.34 earnings per share. Sell-side analysts predict that Daqo New Energy will post -3.35 EPS for the current year.
Daqo New Energy announced that its Board of Directors has initiated a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.
Institutional Trading of Daqo New Energy
Several hedge funds have recently bought and sold shares of DQ. Blue Trust Inc. raised its holdings in shares of Daqo New Energy by 12,187.5% during the 2nd quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 1,950 shares in the last quarter. PNC Financial Services Group Inc. raised its stake 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 valued at $42,000 after purchasing an additional 858 shares in the last quarter. Signaturefd LLC lifted its position in 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 during the last quarter. AXA S.A. grew its stake in shares of Daqo New Energy by 202.3% in the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after buying an additional 4,274 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of 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 buying an additional 1,470 shares during the last quarter. Hedge funds and other 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.
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