DAQO New Energy (NYSE:DQ) Stock Gets Price Target Reduction from JPMorgan Chase & Co.

DAQO New Energy (NYSE:DQ) had its price objective reduced by JPMorgan Chase & Co. from $22.00 to $18.50 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

DQ has been the topic of a number of other research reports. Zacks Research upgraded DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 29th. The Goldman Sachs Group lowered DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a research note on Monday, August 24th. New Street Research set a $10.00 price objective on DAQO New Energy in a report on Monday, August 24th. Weiss Ratings lowered DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, October 19th. Finally, Roth Capital set a $12.00 price objective on DAQO New Energy in a research report on Wednesday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, DAQO New Energy currently has a consensus rating of “Reduce” and an average target price of $13.73.

DAQO New Energy Price Performance

DQ stock opened at $10.80 on Wednesday. The firm has a 50 day simple moving average of $11.63 and a two-hundred day simple moving average of $17.10. The stock has a market cap of $730.84 million, a PE ratio of -3.18 and a beta of 0.67. DAQO New Energy has a one year low of $9.89 and a one year high of $36.59.

DAQO New Energy (NYSE:DQ) last posted its quarterly earnings data on Tuesday, October 27th. The semiconductor company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.30). DAQO New Energy had a negative net margin of 45.46% and a negative return on equity of 3.90%. The company had revenue of $194.15 million for the quarter, compared to analysts’ expectations of $61.90 million. During the same quarter last year, the business posted ($0.22) EPS. On average, research analysts expect that DAQO New Energy will post -1.96 EPS for the current fiscal year.

Institutional Trading of DAQO New Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new stake in shares of DAQO New Energy during the first quarter valued at approximately $3,285,000. Cygnus Capital Advisors LLC purchased a new position in DAQO New Energy in the second quarter worth about $724,000. SG Americas Securities LLC lifted its position in DAQO New Energy by 58.1% in the 1st quarter. SG Americas Securities LLC now owns 67,643 shares of the semiconductor company’s stock valued at $1,439,000 after acquiring an additional 24,855 shares in the last quarter. Himension Capital Singapore PTE. LTD. purchased a new position in shares of DAQO New Energy during the first quarter valued at approximately $521,000. Finally, Hsbc Holdings PLC bought a new position in DAQO New Energy in the fourth quarter valued at about $624,000. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

About DAQO New Energy

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.