DAQO New Energy (NYSE:DQ) Hits New 1-Year High – Here’s What Happened

Shares of DAQO New Energy Corp. (NYSE:DQ) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $35.11 and last traded at $34.7980, with a volume of 286521 shares changing hands. The stock had previously closed at $33.50.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Citigroup raised their target price on DAQO New Energy from $27.00 to $37.00 and gave the company a “buy” rating in a report on Monday, September 8th. New Street Research set a $15.40 price objective on DAQO New Energy in a research note on Thursday, September 18th. Wall Street Zen raised DAQO New Energy from a “sell” rating to a “hold” rating in a research report on Monday, November 3rd. Roth Capital set a $30.00 price objective on DAQO New Energy and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Finally, Glj Research reissued a “buy” rating and set a $30.51 target price on shares of DAQO New Energy in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, DAQO New Energy currently has a consensus rating of “Moderate Buy” and an average price target of $27.04.

DAQO New Energy Trading Up 7.0%

The stock has a market capitalization of $2.40 billion, a P/E ratio of -6.96 and a beta of 0.73. The stock’s fifty day moving average price is $27.94 and its two-hundred day moving average price is $21.22.

DAQO New Energy (NYSE:DQ) last released its earnings results on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.61) by $0.39. DAQO New Energy had a negative net margin of 53.74% and a negative return on equity of 5.89%. The firm had revenue of $162.30 million during the quarter, compared to analyst estimates of $176.78 million. As a group, analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy announced that its board has authorized a share repurchase plan on Tuesday, August 26th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the semiconductor company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Headlands Technologies LLC purchased a new stake in shares of DAQO New Energy in the 2nd quarter valued at about $29,000. Caitong International Asset Management Co. Ltd grew its stake in DAQO New Energy by 86,700.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 1,734 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of DAQO New Energy in the 1st quarter valued at about $187,000. Vident Advisory LLC bought a new position in DAQO New Energy in the 1st quarter worth approximately $216,000. Finally, Harvest Portfolios Group Inc. acquired a new position in shares of DAQO New Energy in the 1st quarter worth approximately $305,000. 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.