DAQO New Energy (NYSE:DQ) Shares Up 8.3% – Time to Buy?
by Sarita Garza · The Markets DailyDAQO New Energy Corp. (NYSE:DQ – Get Free Report)’s stock price traded up 8.3% during trading on Monday . The company traded as high as $25.20 and last traded at $25.7120. 220,033 shares changed hands during trading, a decline of 74% from the average session volume of 849,371 shares. The stock had previously closed at $23.74.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the company. Glj Research lowered DAQO New Energy from a “buy” rating to a “sell” rating and cut their target price for the stock from $30.51 to $18.13 in a research report on Tuesday, February 3rd. Wall Street Zen upgraded DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DAQO New Energy in a research note on Monday, December 29th. The Goldman Sachs Group set a $18.30 target price on shares of DAQO New Energy and gave the stock a “neutral” rating in a report on Wednesday, October 29th. Finally, Roth Mkm set a $30.00 price target on shares of DAQO New Energy and gave the company a “neutral” rating in a report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $25.43.
Read Our Latest Stock Report on DQ
DAQO New Energy Price Performance
The firm’s fifty day moving average is $28.82 and its 200 day moving average is $27.65. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -4.88 and a beta of 0.70.
Hedge Funds Weigh In On DAQO New Energy
A number of hedge funds have recently modified their holdings of the stock. FengHe Fund Management Pte. Ltd. increased its position in DAQO New Energy by 62.4% in the 3rd quarter. FengHe Fund Management Pte. Ltd. now owns 469,833 shares of the semiconductor company’s stock worth $13,216,000 after purchasing an additional 180,457 shares during the last quarter. Vontobel Holding Ltd. bought a new stake in shares of DAQO New Energy in the 3rd quarter valued at approximately $1,585,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in DAQO New Energy by 39.1% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,364 shares of the semiconductor company’s stock worth $476,000 after buying an additional 8,815 shares during the last quarter. Luminus Management LLC bought a new position in DAQO New Energy during the third quarter valued at approximately $1,125,000. Finally, Polunin Capital Partners Ltd bought a new position in DAQO New Energy during the third quarter valued at approximately $37,183,000. 47.22% of the stock is owned by institutional investors and hedge funds.
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.