DAQO New Energy (NYSE:DQ) Price Target Lowered to $22.00 at JPMorgan Chase & Co.

DAQO New Energy (NYSE:DQ) had its target price decreased by equities researchers at JPMorgan Chase & Co. from $35.50 to $22.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 80.91% from the company’s previous close.

DQ has been the subject of a number of other research reports. Weiss Ratings cut shares of DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 24th. Roth Capital set a $19.00 price target on shares of DAQO New Energy in a research note on Thursday, April 30th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $11.20 target price on shares of DAQO New Energy in a research report on Monday. 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, Zacks Research raised DAQO New Energy from a “strong sell” rating to a “hold” rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $22.35.

DAQO New Energy Price Performance

DQ stock traded up $0.05 during trading hours on Friday, reaching $12.16. The stock had a trading volume of 300,056 shares, compared to its average volume of 813,294. The stock has a 50-day simple moving average of $13.88 and a 200 day simple moving average of $19.50. DAQO New Energy has a fifty-two week low of $11.38 and a fifty-two week high of $36.59. The stock has a market capitalization of $822.89 million, a PE ratio of -4.38 and a beta of 0.65.

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 the consensus estimate 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 business had revenue of $26.72 million during the quarter, compared to the consensus estimate of $186.28 million. On average, sell-side analysts forecast that DAQO New Energy will post -1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in shares of DAQO New Energy during the 3rd quarter valued at $26,000. Headlands Technologies LLC acquired a new position in DAQO New Energy in the second quarter valued at about $29,000. Farther Finance Advisors LLC raised its stake in DAQO New Energy by 1,650.0% in the fourth quarter. Farther Finance Advisors LLC now owns 1,330 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 1,254 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in DAQO New Energy in the fourth quarter valued at about $49,000. Finally, Banque Cantonale Vaudoise bought a new stake in DAQO New Energy during the fourth quarter worth about $55,000. 47.22% of the stock is owned by institutional investors and hedge funds.

About DAQO New Energy

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.