Daqo New Energy (NYSE:DQ) Shares Gap Down – Here’s Why

Shares of Daqo New Energy Corp. (NYSE:DQ) gapped down prior to trading on Thursday . The stock had previously closed at $20.12, but opened at $19.33. Daqo New Energy shares last traded at $19.34, with a volume of 69,216 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on DQ. StockNews.com upgraded shares of Daqo New Energy to a “sell” rating in a report on Monday, September 23rd. Daiwa Capital Markets raised shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. Jefferies Financial Group dropped their target price on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a report on Monday, August 26th. Nomura Securities upgraded Daqo New Energy to a “strong-buy” rating in a report on Wednesday, August 28th. Finally, Roth Mkm lowered their price target on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $22.26.

Daqo New Energy Price Performance

The stock’s 50 day moving average is $20.49 and its 200-day moving average is $18.42. The company has a market capitalization of $1.24 billion, a P/E ratio of -10.17 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last released its earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.12). The firm had revenue of $198.50 million during the quarter, compared to analysts’ expectations of $186.90 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. During the same quarter in the previous year, the business earned ($0.09) EPS. On average, equities research analysts anticipate that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Institutional Trading of Daqo New Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its holdings in shares of Daqo New Energy by 9.2% during the third quarter. Geode Capital Management LLC now owns 33,546 shares of the semiconductor company’s stock valued at $683,000 after acquiring an additional 2,813 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Daqo New Energy during the third quarter valued at approximately $1,053,000. Wellington Management Group LLP raised its holdings in Daqo New Energy by 26.0% in the 3rd quarter. Wellington Management Group LLP now owns 128,422 shares of the semiconductor company’s stock worth $2,616,000 after acquiring an additional 26,462 shares during the last quarter. Wexford Capital LP lifted its position in Daqo New Energy by 395.7% in the 3rd quarter. Wexford Capital LP now owns 164,809 shares of the semiconductor company’s stock valued at $3,357,000 after acquiring an additional 131,564 shares in the last quarter. Finally, State Street Corp lifted its position in Daqo New Energy by 1.1% in the 3rd quarter. State Street Corp now owns 842,921 shares of the semiconductor company’s stock valued at $17,170,000 after acquiring an additional 8,983 shares in the last quarter. 47.22% of the stock is owned by hedge funds and other institutional investors.

About Daqo New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.