DAQO New Energy (NYSE:DQ) Trading 8.7% Higher – Time to Buy?

DAQO New Energy Corp. (NYSE:DQ) shares traded up 8.7% during mid-day trading on Thursday . The stock traded as high as $15.48 and last traded at $15.7240. 399,797 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 793,918 shares. The stock had previously closed at $14.46.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Weiss Ratings upgraded DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 27th. Zacks Research lowered DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Wall Street Zen lowered DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Finally, Roth Mkm set a $19.00 price objective on DAQO New Energy in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $23.59.

DAQO New Energy Stock Performance

The company has a market capitalization of $1.03 billion, a P/E ratio of -5.50 and a beta of 0.61. The business has a 50 day moving average of $19.25 and a 200-day moving average of $24.13.

DAQO New Energy (NYSE:DQ) last released its quarterly earnings data on Wednesday, April 29th. The semiconductor company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($1.18). DAQO New Energy had a negative net margin of 32.92% and a negative return on equity of 3.19%. The company had revenue of $26.72 million for the quarter, compared to the consensus estimate of $186.28 million. As a group, equities analysts forecast that DAQO New Energy Corp. will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Continental General Insurance Co. increased its stake in DAQO New Energy by 11.3% in the 3rd quarter. Continental General Insurance Co. now owns 6,641,986 shares of the semiconductor company’s stock worth $186,839,000 after acquiring an additional 675,784 shares during the last quarter. Vanguard Group Inc. increased its stake in DAQO New Energy by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 1,753,947 shares of the semiconductor company’s stock worth $51,741,000 after acquiring an additional 15,159 shares during the last quarter. Polunin Capital Partners Ltd increased its stake in DAQO New Energy by 13.6% in the 4th quarter. Polunin Capital Partners Ltd now owns 1,458,705 shares of the semiconductor company’s stock worth $43,032,000 after acquiring an additional 174,747 shares during the last quarter. Invesco Ltd. increased its stake in DAQO New Energy by 22.6% in the 4th quarter. Invesco Ltd. now owns 1,429,565 shares of the semiconductor company’s stock worth $42,172,000 after acquiring an additional 263,614 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in DAQO New Energy by 9.1% in the 4th quarter. Mackenzie Financial Corp now owns 1,316,140 shares of the semiconductor company’s stock worth $38,934,000 after acquiring an additional 110,186 shares during the last quarter. 47.22% of the stock is currently 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.