DAQO New Energy (NYSE:DQ) Reaches New 52-Week Low – Should You Sell?

DAQO New Energy Corp. (NYSE:DQ) shares hit a new 52-week low during trading on Monday . The company traded as low as $11.38 and last traded at $11.4860, with a volume of 30916 shares trading hands. The stock had previously closed at $11.54.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday. Zacks Research cut DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. JPMorgan Chase & Co. lowered their price target on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. The Goldman Sachs Group lowered DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price objective on the stock. in a research note on Monday, August 24th. Finally, New Street Research set a $10.00 target price on DAQO New Energy in a report on Monday, August 24th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $15.83.

DAQO New Energy Trading Down 2.2%

The company has a market cap of $761.56 million, a price-to-earnings ratio of -3.96 and a beta of 0.67. The business’s 50 day moving average price is $12.91 and its 200-day moving average price is $16.78.

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

Hedge Funds Weigh In On DAQO New Energy

Several institutional investors and hedge funds have recently made changes to their positions in DQ. Renaissance Technologies LLC acquired a new stake in DAQO New Energy during the 1st quarter worth approximately $3,285,000. SG Americas Securities LLC increased its position in DAQO New Energy by 58.1% during the 1st quarter. SG Americas Securities LLC now owns 67,643 shares of the semiconductor company’s stock worth $1,439,000 after buying an additional 24,855 shares during the period. Gordian Capital Singapore Pte Ltd increased its position in DAQO New Energy by 28.0% during the 4th quarter. Gordian Capital Singapore Pte Ltd now owns 64,000 shares of the semiconductor company’s stock worth $1,888,000 after buying an additional 14,000 shares during the period. Cygnus Capital Advisors LLC bought a new position in DAQO New Energy during the 2nd quarter worth $724,000. Finally, Hsbc Holdings PLC lifted its holdings in shares of DAQO New Energy by 65.9% during the first quarter. Hsbc Holdings PLC now owns 35,165 shares of the semiconductor company’s stock worth $739,000 after buying an additional 13,970 shares in the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

DAQO New Energy Company Profile

DA​​QO New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce the wafers, cells and modules that make up solar photovoltaic panels. The company supplies polysilicon primarily to manufacturers in the global solar power industry.

Through its operating subsidiary, Xinjiang Daqo New Energy Co, Ltd., the company produces polysilicon at manufacturing facilities in China. Its products include polysilicon used in both monocrystalline and multicrystalline solar applications, with product specifications designed for use in advanced photovoltaic manufacturing.

Daqo New Energy was established in 2008 and began commercial polysilicon production in 2009.