DAQO New Energy (NYSE:DQ) Shares Up 3.6% – Here’s Why
by Mitch Edgeman · The Markets DailyDAQO New Energy Corp. (NYSE:DQ – Get Free Report) rose 3.6% during trading on Tuesday . The stock traded as high as $13.26 and last traded at $13.3590. Approximately 43,480 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 855,937 shares. The stock had previously closed at $12.89.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price objective on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Weiss Ratings lowered shares of DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. The Goldman Sachs Group cut DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a research note on Monday, August 24th. New Street Research set a $10.00 price target on shares of DAQO New Energy in a report on Monday, August 24th. Finally, Zacks Research downgraded DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $19.36.
View Our Latest Research Report on DQ
DAQO New Energy Trading Up 1.8%
The firm has a 50 day moving average price of $13.05 and a 200 day moving average price of $17.76. The stock has a market capitalization of $887.76 million, a PE ratio of -4.62 and a beta of 0.66.
DAQO New Energy (NYSE:DQ – Get Free Report) last posted its quarterly earnings data on Thursday, August 20th. The semiconductor company reported ($1.20) EPS for the quarter, missing the consensus estimate 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 company had revenue of $62.66 million during the quarter, compared to the consensus estimate of $52.93 million. On average, equities research analysts expect that DAQO New Energy Corp. will post -1.96 EPS for the current year.
Hedge Funds Weigh In On DAQO New Energy
Several large investors have recently made changes to their positions in DQ. Vanguard Group Inc. boosted its stake in shares of DAQO New Energy by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 1,753,947 shares of the semiconductor company’s stock worth $51,741,000 after acquiring an additional 15,159 shares during the period. Invesco Ltd. raised its stake in 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 during the period. Mackenzie Financial Corp lifted its holdings in DAQO New Energy by 9.1% in the 4th quarter. Mackenzie Financial Corp now owns 1,316,140 shares of the semiconductor company’s stock worth $38,934,000 after purchasing an additional 110,186 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in DAQO New Energy by 117.2% in 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in DAQO New Energy in the 3rd quarter worth approximately $18,280,000. 47.22% of the stock is currently owned by hedge funds and other institutional investors.
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.