DAQO New Energy (NYSE:DQ) Shares Gap Up – What’s Next?

DAQO New Energy Corp. (NYSE:DQ) gapped up before the market opened on Tuesday. The stock had previously closed at $10.11, but opened at $10.78. DAQO New Energy shares last traded at $10.2910, with a volume of 71,883 shares changing hands.

Wall Street Analyst Weigh In

DQ has been the subject of a number of recent research reports. Weiss Ratings lowered shares of DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, October 19th. Zacks Research raised shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. The Goldman Sachs Group lowered shares of DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price objective for the company. in a research report on Monday, August 24th. New Street Research set a $10.00 price objective on shares of DAQO New Energy in a research report on Monday, August 24th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. One analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $15.83.

DAQO New Energy Stock Performance

The company has a fifty day moving average of $11.89 and a two-hundred day moving average of $17.42. The company has a market cap of $713.24 million, a PE ratio of -3.74 and a beta of 0.67.

DAQO New Energy (NYSE:DQ) last issued its quarterly earnings results on Tuesday, October 27th. The semiconductor company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.30). The company had revenue of $194.15 million during the quarter, compared to the consensus estimate of $61.90 million. DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%. During the same quarter in the prior year, the business earned ($0.22) earnings per share. On average, equities analysts forecast that DAQO New Energy Corp. will post -1.96 EPS for the current year.

Institutional Investors Weigh In On DAQO New Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nykredit A S bought a new position in DAQO New Energy during the 2nd quarter valued at about $28,000. Cygnus Capital Advisors LLC purchased a new stake in DAQO New Energy in the 2nd quarter worth about $724,000. BTG Pactual Asset Management US LLC purchased a new stake in DAQO New Energy in the 2nd quarter worth about $224,000. Public Employees Retirement System of Ohio bought a new stake in DAQO New Energy in the second quarter worth about $273,000. Finally, Renaissance Technologies LLC bought a new stake in DAQO New Energy in the first quarter worth about $3,285,000. Hedge funds and other institutional investors own 47.22% of the company’s stock.

DAQO New Energy Company Profile

Daqo New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce solar photovoltaic wafers, cells and modules. Through its operating subsidiaries, the company produces polysilicon in grades used primarily for monocrystalline and multicrystalline solar applications.

The company’s production operations are located in China, including facilities in Xinjiang. Its products are supplied to manufacturers in the solar photovoltaic industry, primarily within China’s extensive solar manufacturing supply chain, with the company serving customers in other markets through industry sales and distribution relationships.

Daqo New Energy was founded in 2007 and completed its initial public offering on the New York Stock Exchange in 2010.