DAQO New Energy (NYSE:DQ) Stock Price Down 6.6% – Here’s What Happened

DAQO New Energy Corp. (NYSE:DQ) was down 6.6% during mid-day trading on Wednesday . The stock traded as low as $22.00 and last traded at $21.8990. Approximately 279,865 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 726,331 shares. The stock had previously closed at $23.44.

Analyst Upgrades and Downgrades

DQ has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of DAQO New Energy in a research report on Monday, December 29th. New Street Research set a $18.13 price target on DAQO New Energy in a report on Tuesday, February 3rd. Finally, Glj Research lowered DAQO New Energy from a “buy” rating to a “sell” rating and cut their price objective for the stock from $30.51 to $18.13 in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $25.43.

DAQO New Energy Stock Down 6.3%

The stock has a 50-day simple moving average of $24.65 and a two-hundred day simple moving average of $27.92. The firm has a market cap of $1.47 billion, a PE ratio of -8.65 and a beta of 0.68.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Thursday, February 26th. The semiconductor company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The firm had revenue of $221.71 million for the quarter, compared to the consensus estimate of $276.94 million. DAQO New Energy had a negative net margin of 25.62% and a negative return on equity of 2.92%. Research analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Trading of DAQO New Energy

Several hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new position in shares of DAQO New Energy during the fourth quarter valued at about $49,000. MidFirst Bank bought a new position in DAQO New Energy during the 4th quarter worth approximately $236,000. Compound Planning Inc. increased its stake in DAQO New Energy by 19.2% in the 4th quarter. Compound Planning Inc. now owns 19,518 shares of the semiconductor company’s stock worth $576,000 after purchasing an additional 3,146 shares during the period. Invesco Ltd. boosted its stake in shares of DAQO New Energy by 22.6% during the fourth quarter. Invesco Ltd. now owns 1,429,565 shares of the semiconductor company’s stock valued at $42,172,000 after purchasing an additional 263,614 shares during the period. Finally, Vident Advisory LLC bought a new position in shares of DAQO New Energy in the fourth quarter worth approximately $349,000. 47.22% of the stock is owned by institutional investors.

DAQO New Energy Company Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.