DAQO New Energy (NYSE:DQ) Stock Falls 6.1% – What’s Next?

by · The Markets Daily

DAQO New Energy Corp. (NYSE:DQ – Get Free Report) shares dropped 6.1% during mid-day trading on Monday. The company traded as low as $12.11 and last traded at $11.8820. Approximately 20,754 shares traded hands during trading, a decline of 97% from the average daily volume of 805,900 shares. The stock had previously closed at $12.65.

Analyst Upgrades and Downgrades

Several analysts have commented on DQ shares. Zacks Research upgraded shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. New Street Research set a $10.00 price objective on shares of DAQO New Energy in a research note on Monday, August 24th. 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 on the stock. in a research note on Monday, August 24th. JPMorgan Chase & Co. reduced their target price on shares of DAQO New Energy from $22.00 to $18.50 and set an “overweight” rating for the company in a report on Wednesday, October 28th. Finally, Roth Capital set a $12.00 target price on shares of DAQO New Energy in a research report on Wednesday, October 28th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, DAQO New Energy currently has a consensus rating of “Reduce” and a consensus price target of $13.73.

Check Out Our Latest Analysis on DAQO New Energy

DAQO New Energy Trading Down 4.6%

The company has a market cap of $790.39 million, a price-to-earnings ratio of -3.44 and a beta of 0.50. The business has a fifty day moving average of $11.34 and a two-hundred day moving average of $16.63.

DAQO New Energy (NYSE:DQ – Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The semiconductor company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.30). The business had revenue of $194.15 million during the quarter, compared to analyst estimates of $61.90 million. DAQO New Energy had a negative net margin of 45.46% and a negative return on equity of 3.90%. During the same period in the previous year, the business posted ($0.22) earnings per share. On average, research analysts forecast that DAQO New Energy Corp. will post -3.69 EPS for the current fiscal year.

Institutional Investors Weigh In On DAQO New Energy

A number of institutional investors have recently added to or reduced their stakes in DQ. Renaissance Technologies LLC acquired a new position in DAQO New Energy during the first quarter worth $3,285,000. Cygnus Capital Advisors LLC purchased a new position in DAQO New Energy during the second quarter valued at $724,000. Hsbc Holdings PLC purchased a new position in DAQO New Energy during the fourth quarter valued at $624,000. Himension Capital Singapore PTE. LTD. purchased a new position in DAQO New Energy during the first quarter valued at $521,000. Finally, Bank of New York Mellon Corp grew its position in shares of DAQO New Energy by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 30,134 shares of the semiconductor company’s stock valued at $641,000 after purchasing an additional 2,122 shares during the period. Institutional investors and hedge funds own 47.22% of the company’s stock.

About DAQO New Energy

(Get Free Report)

DAQO New Energy Corp. is a manufacturer of high-purity polysilicon, a key raw material used to produce solar wafers, cells and modules. Its products support the photovoltaic supply chain and the broader deployment of solar power. Founded in 2007, the company operates manufacturing facilities in China. Its customers include manufacturers of solar wafers and other photovoltaic products, primarily in China, as well as customers in international markets.

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