Daqo New Energy (NYSE:DQ) Price Target Cut to $34.05 by Analysts at Jefferies Financial Group

Daqo New Energy (NYSE:DQ) had its price target reduced by Jefferies Financial Group from $38.40 to $34.05 in a research report sent to investors on Monday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other research firms have also recently commented on DQ. StockNews.com cut shares of Daqo New Energy from a hold rating to a sell rating in a research report on Tuesday, August 13th. HSBC reissued a reduce rating and issued a $17.50 price objective (down previously from $23.50) on shares of Daqo New Energy in a research report on Monday, May 6th. Roth Mkm reiterated a neutral rating and set a $23.00 target price on shares of Daqo New Energy in a research note on Tuesday, April 30th. Finally, The Goldman Sachs Group began coverage on shares of Daqo New Energy in a report on Thursday, July 11th. They issued a buy rating on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, Daqo New Energy has a consensus rating of Hold and a consensus price target of $22.26.

Daqo New Energy Trading Up 3.6 %

NYSE DQ opened at $14.54 on Monday. The business has a fifty day simple moving average of $16.04 and a 200 day simple moving average of $20.14. Daqo New Energy has a 12 month low of $13.62 and a 12 month high of $37.92. The firm has a market capitalization of $959.74 million, a P/E ratio of 6.83 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Monday, August 26th. The semiconductor company reported ($1.81) EPS for the quarter, missing the consensus estimate of ($0.56) by ($1.25). Daqo New Energy had a net margin of 7.84% and a return on equity of 2.46%. The firm had revenue of $219.91 million during the quarter, compared to analysts’ expectations of $406.50 million. During the same quarter in the prior year, the company earned $1.34 EPS. As a group, sell-side analysts predict that Daqo New Energy will post 0.46 EPS for the current fiscal year.

Daqo New Energy announced that its Board of Directors has initiated a stock buyback plan on Monday, July 22nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 8.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. raised its stake 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 valued at $29,000 after acquiring an additional 1,950 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Daqo New Energy by 117.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 858 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Daqo New Energy by 39.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 664 shares during the period. AXA S.A. lifted its stake in shares of Daqo New Energy by 202.3% during the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after buying an additional 4,274 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings 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 buying an additional 1,470 shares during the period. 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.