Daqo New Energy (NYSE:DQ) Trading Up 7.3% – Should You Buy?

Daqo New Energy Corp. (NYSE:DQ) rose 7.3% during trading on Thursday . The company traded as high as $19.58 and last traded at $19.67. Approximately 430,604 shares were traded during trading, a decline of 34% from the average daily volume of 651,122 shares. The stock had previously closed at $18.33.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Daiwa Capital Markets raised Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. Daiwa America raised Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $22.26.

Daqo New Energy Trading Up 9.8 %

The company has a market cap of $1.43 billion, a price-to-earnings ratio of -11.70 and a beta of 0.25. The business has a 50-day moving average price of $18.99 and a 200 day moving average price of $18.68.

Hedge Funds Weigh In On Daqo New Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DQ. Blue Trust Inc. lifted its stake in Daqo New Energy by 132.3% during the third quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock valued at $93,000 after buying an additional 2,601 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Daqo New Energy by 27.3% in the third quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 602 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Daqo New Energy by 4.3% in the third quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock worth $415,000 after buying an additional 764 shares during the period. KBC Group NV raised its position in Daqo New Energy by 12.9% during the third quarter. KBC Group NV now owns 25,244 shares of the semiconductor company’s stock valued at $514,000 after buying an additional 2,877 shares during the period. Finally, Daiwa Securities Group Inc. lifted its stake in Daqo New Energy by 15.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock worth $214,000 after acquiring an additional 1,400 shares in the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

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.