Daqo New Energy (NYSE:DQ) Shares Down 5.3%

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

Analysts Set New Price Targets

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

Daqo New Energy Stock Down 4.7 %

The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 7.47 and a beta of 0.28. The company’s fifty day simple moving average is $17.39 and its 200 day simple moving average is $20.50.

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

Hedge Funds Weigh In On Daqo New Energy

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. grew 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 valued at $42,000 after acquiring an additional 858 shares in the last quarter. Blue Trust Inc. grew its stake in Daqo New Energy by 12,187.5% during the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after buying an additional 1,950 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Daqo New Energy by 39.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock worth $62,000 after buying an additional 664 shares in the last quarter. Signaturefd LLC grew its stake in Daqo New Energy by 112.4% during the fourth quarter. Signaturefd LLC now owns 6,839 shares of the semiconductor company’s stock worth $182,000 after buying an additional 3,619 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Daqo New Energy by 22.2% during the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after buying an additional 1,470 shares in the last quarter. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.