DAQO New Energy (NYSE:DQ) Sees Strong Trading Volume – Time to Buy?

DAQO New Energy Corp. (NYSE:DQ) shares saw strong trading volume on Thursday . Approximately 482,555 shares traded hands during trading, a decline of 42% from the previous session’s volume of 837,390 shares.The stock last traded at $14.8150 and had previously closed at $14.05.

Analysts Set New Price Targets

DQ has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their target price 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. Weiss Ratings upgraded DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $11.20 price objective on shares of DAQO New Energy in a research report on Monday, July 27th. Zacks Research cut shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th. Finally, Roth Capital set a $19.00 price objective on DAQO New Energy in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $22.35.

DAQO New Energy Trading Up 5.7%

The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -5.34 and a beta of 0.66. The firm’s 50 day simple moving average is $13.19 and its two-hundred day simple moving average is $18.34.

DAQO New Energy (NYSE:DQ) last released its earnings results on Thursday, August 20th. The semiconductor company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.78). DAQO New Energy had a negative return on equity of 3.19% and a negative net margin of 32.92%. As a group, equities research analysts anticipate that DAQO New Energy Corp. will post -1.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

Several large investors have recently bought and sold shares of DQ. Ariose Capital Management Ltd raised its stake in shares of DAQO New Energy by 35.0% during 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 during the last quarter. Renaissance Technologies LLC bought a new stake in shares of DAQO New Energy during the 1st quarter valued at about $3,285,000. Banque Cantonale Vaudoise boosted its holdings in shares of DAQO New Energy by 37.5% during the 1st quarter. Banque Cantonale Vaudoise now owns 2,579 shares of the semiconductor company’s stock worth $55,000 after buying an additional 703 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in DAQO New Energy during the fourth quarter worth $49,000. Finally, MidFirst Bank bought a new position in shares of DAQO New Energy during the 4th quarter worth about $236,000. 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.