DAQO New Energy (NYSE:DQ) Shares Gap Up – Here’s Why

DAQO New Energy Corp. (NYSE:DQ) gapped up prior to trading on Monday . The stock had previously closed at $12.17, but opened at $12.85. DAQO New Energy shares last traded at $13.71, with a volume of 174,508 shares changing hands.

Wall Street Analyst Weigh In

DQ has been the topic of a number of recent research reports. Wall Street Zen cut DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Roth Capital set a $19.00 target price on DAQO New Energy in a report on Thursday, April 30th. JPMorgan Chase & Co. decreased their price target on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating for the company in a report on Friday, July 31st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $11.20 price objective on shares of DAQO New Energy in a research report on Monday, July 27th. Finally, Zacks Research upgraded shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research note 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $22.35.

DAQO New Energy Stock Down 2.2%

The firm has a market cap of $910.09 million, a price-to-earnings ratio of -4.84 and a beta of 0.66. The company has a 50 day moving average of $13.60 and a 200 day moving average of $19.23.

Hedge Funds Weigh In On DAQO New Energy

Several institutional investors and hedge funds have recently made changes to their positions in DQ. Ariose Capital Management Ltd raised its holdings in DAQO New Energy by 35.0% in the fourth quarter. Ariose Capital Management Ltd now owns 457,155 shares of the semiconductor company’s stock valued at $13,486,000 after acquiring an additional 118,500 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in DAQO New Energy during the 3rd quarter worth $2,882,000. Brooklyn Investment Group increased its position in shares of DAQO New Energy by 231.4% in the 4th quarter. Brooklyn Investment Group now owns 25,377 shares of the semiconductor company’s stock worth $767,000 after purchasing an additional 17,720 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of DAQO New Energy in the 4th quarter valued at about $566,000. Finally, CANADA LIFE ASSURANCE Co acquired a new stake in shares of DAQO New Energy in the 4th quarter valued at about $489,000. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

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.