Daqo New Energy (NYSE:DQ) Trading 3.3% Higher – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ) shot up 3.3% during mid-day trading on Tuesday . The stock traded as high as $18.85 and last traded at $18.66. 226,414 shares were traded during trading, a decline of 78% from the average session volume of 1,023,609 shares. The stock had previously closed at $18.06.

Analysts Set New Price Targets

Separately, StockNews.com raised Daqo New Energy to a “sell” rating in a research note on Tuesday, March 18th. One equities research 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 company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $22.26.

Daqo New Energy Stock Performance

The stock’s 50-day moving average price is $19.61 and its 200-day moving average price is $19.67. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -10.21 and a beta of 0.41.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Thursday, February 27th. The semiconductor company reported ($2.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($2.02). The firm had revenue of $195.36 million for the quarter, compared to analyst estimates of $153.54 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. Analysts anticipate that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Investors Weigh In On Daqo New Energy

A number of large investors have recently added to or reduced their stakes in DQ. Daiwa Securities Group Inc. lifted its holdings in shares of Daqo New Energy by 15.4% in the third quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock valued at $214,000 after purchasing an additional 1,400 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Daqo New Energy by 7.6% during the 4th quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company’s stock worth $390,000 after buying an additional 1,410 shares during the last quarter. CoreCommodity Management LLC raised its position in shares of Daqo New Energy by 1.6% in the 4th quarter. CoreCommodity Management LLC now owns 134,888 shares of the semiconductor company’s stock worth $2,622,000 after buying an additional 2,183 shares during the period. Generali Investments CEE investicni spolecnost a.s. acquired a new position in Daqo New Energy in the fourth quarter valued at $52,000. Finally, Geode Capital Management LLC grew its position in 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 during the period. 47.22% of the stock is owned by institutional investors and hedge funds.

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.