Daqo New Energy (NYSE:DQ) Stock Price Down 5.3%

Shares of Daqo New Energy Corp. (NYSE:DQ) fell 5.3% during mid-day trading on Monday . The company traded as low as $15.88 and last traded at $15.96. 258,126 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 1,086,239 shares. The stock had previously closed at $16.86.

Analysts Set New Price Targets

A number of research firms have issued reports on DQ. The Goldman Sachs Group began coverage on shares of Daqo New Energy in a research report on Thursday, July 11th. They issued a “buy” rating for the company. Roth Mkm reiterated a “neutral” rating and issued a $23.00 target price on shares of Daqo New Energy in a research report on Tuesday, April 30th. Finally, HSBC reiterated a “reduce” rating and issued a $17.50 target price (down previously from $23.50) on shares of Daqo New Energy in a research report on Monday, May 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $21.83.

Daqo New Energy Trading Down 4.7 %

The firm has a market cap of $1.06 billion, a P/E ratio of 7.47 and a beta of 0.28. The business’s fifty day moving average price is $17.39 and its two-hundred day moving average price is $20.50.

Daqo New Energy declared that its board has authorized a share 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 stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DQ. Blue Trust Inc. grew 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 buying an additional 1,950 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Daqo New Energy by 117.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 858 shares during the last quarter. Quadrant Capital Group LLC grew its stake in Daqo New Energy by 39.4% in the 4th quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 664 shares during the last quarter. Rhumbline Advisers grew its stake in Daqo New Energy by 22.2% in the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after buying an additional 1,470 shares during the last quarter. Finally, Signaturefd LLC grew its position in Daqo New Energy by 112.4% in the 4th quarter. Signaturefd LLC now owns 6,839 shares of the semiconductor company’s stock worth $182,000 after purchasing an additional 3,619 shares during the last quarter. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.