Share Repurchase Plan Initiated by DAQO New Energy (NYSE:DQ) Board of Directors

DAQO New Energy (NYSE:DQ) declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 26th, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization allows the semiconductor company to repurchase 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.

Analysts Set New Price Targets

DQ has been the subject of several research analyst reports. Glj Research reiterated a “buy” rating and issued a $30.51 price objective on shares of DAQO New Energy in a research report on Tuesday. Citigroup started coverage on DAQO New Energy in a research note on Friday, July 18th. They set a “buy” rating and a $27.00 price objective on the stock. HSBC upgraded DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research note on Wednesday. Finally, Hsbc Global Res upgraded DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $26.10.

DAQO New Energy Stock Down 0.7%

NYSE:DQ opened at $22.87 on Friday. The stock’s 50-day simple moving average is $20.44 and its 200 day simple moving average is $17.71. The firm has a market capitalization of $1.53 billion, a PE ratio of -3.92 and a beta of 0.48. DAQO New Energy has a twelve month low of $12.40 and a twelve month high of $30.85.

DAQO New Energy (NYSE:DQ) last posted its earnings results on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.16) by $0.02. The firm had revenue of $75.19 million during the quarter, compared to the consensus estimate of $140.54 million. DAQO New Energy had a negative return on equity of 6.54% and a negative net margin of 65.64%. On average, analysts anticipate that DAQO New Energy will post -3.5 EPS for the current fiscal year.

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.