DAQO New Energy Corp. (NYSE:DQ) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of DAQO New Energy Corp. (NYSE:DQ) have been given a consensus rating of “Reduce” by the seven brokerages that are covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $19.3550.

A number of analysts have recently weighed in on DQ shares. JPMorgan Chase & Co. cut their price objective on shares of DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. The Goldman Sachs Group downgraded shares of DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a research report on Monday, August 24th. Weiss Ratings lowered shares of DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, August 28th. New Street Research set a $10.00 price target on DAQO New Energy in a research report on Monday, August 24th. Finally, Zacks Research lowered DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, August 7th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership acquired a new position in DAQO New Energy in the third quarter valued at approximately $18,280,000. Goldman Sachs Group Inc. grew its stake in shares of DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock worth $21,005,000 after purchasing an additional 625,900 shares during the period. Marshall Wace LLP acquired a new stake in shares of DAQO New Energy during the 4th quarter worth approximately $16,742,000. Millennium Management LLC increased its holdings in shares of DAQO New Energy by 1,261.0% during the 1st quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company’s stock valued at $6,422,000 after purchasing an additional 328,541 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of DAQO New Energy by 22.6% during the 4th 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 in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

DAQO New Energy Trading Down 3.0%

Shares of NYSE:DQ opened at $12.49 on Friday. DAQO New Energy has a twelve month low of $11.38 and a twelve month high of $36.59. The company’s 50 day moving average is $13.02 and its 200 day moving average is $17.50. The company has a market cap of $845.20 million, a PE ratio of -4.40 and a beta of 0.67.

DAQO New Energy (NYSE:DQ) last posted its quarterly earnings results on Thursday, August 20th. The semiconductor company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.63). DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%.The business had revenue of $62.66 million for the quarter, compared to analysts’ expectations of $52.93 million. Equities research analysts predict that DAQO New Energy will post -1.96 earnings per share for the current fiscal year.

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.