Daqo New Energy (NYSE:DQ) Trading Up 6.4% – Here’s Why

Daqo New Energy Corp. (NYSE:DQ)’s stock price shot up 6.4% on Wednesday . The stock traded as high as $20.60 and last traded at $20.48. 105,318 shares were traded during trading, a decline of 91% from the average session volume of 1,170,054 shares. The stock had previously closed at $19.24.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on DQ shares. Daiwa America upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group reduced their target price on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research report on Monday, August 26th. Nomura Securities upgraded Daqo New Energy to a “strong-buy” rating in a report on Wednesday, August 28th. StockNews.com upgraded Daqo New Energy to a “sell” rating in a report on Monday, September 23rd. Finally, HSBC upgraded Daqo New Energy from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $22.26.

Daqo New Energy Price Performance

The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -10.83 and a beta of 0.32. The firm has a fifty day moving average of $20.63 and a 200 day moving average of $18.42.

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

Hedge Funds Weigh In On Daqo New Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC boosted its holdings in Daqo New Energy by 9.2% in the 3rd quarter. Geode Capital Management LLC now owns 33,546 shares of the semiconductor company’s stock valued at $683,000 after purchasing an additional 2,813 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Daqo New Energy in the 3rd quarter valued at about $1,053,000. Wellington Management Group LLP boosted its stake in Daqo New Energy by 26.0% during the third quarter. Wellington Management Group LLP now owns 128,422 shares of the semiconductor company’s stock worth $2,616,000 after buying an additional 26,462 shares during the period. Wexford Capital LP increased its position in shares of Daqo New Energy by 395.7% during the third 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 during the last quarter. Finally, State Street Corp raised its stake in shares of 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 during the period. 47.22% of the stock is currently owned by institutional investors and hedge funds.

Daqo New Energy Company Profile

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.