DAQO New Energy (NYSE:DQ) Stock Price Down 7.8% – Here’s What Happened

DAQO New Energy Corp. (NYSE:DQ) dropped 7.8% on Friday . The company traded as low as $26.07 and last traded at $25.61. Approximately 326,874 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 1,041,537 shares. The stock had previously closed at $27.76.

Analyst Ratings Changes

A number of equities research analysts have weighed in on DQ shares. Citigroup boosted their target price on shares of DAQO New Energy from $27.00 to $37.00 and gave the company a “buy” rating in a research note on Monday, September 8th. HSBC upgraded shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a research note on Wednesday, August 27th. Glj Research reiterated a “buy” rating and set a $30.51 target price on shares of DAQO New Energy in a research note on Tuesday, August 26th. The Goldman Sachs Group lowered shares of DAQO New Energy from a “neutral” rating to a “sell” rating in a research note on Thursday, September 18th. Finally, Wall Street Zen lowered shares of DAQO New Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, DAQO New Energy has a consensus rating of “Moderate Buy” and an average price target of $25.99.

DAQO New Energy Trading Down 15.5%

The stock has a market capitalization of $1.57 billion, a PE ratio of -4.02 and a beta of 0.60. The firm has a 50 day moving average price of $25.42 and a 200 day moving average price of $19.26.

DAQO New Energy (NYSE:DQ) last posted its quarterly earnings data on Tuesday, August 26th. The semiconductor company reported ($1.14) EPS for the quarter, topping the consensus estimate of ($1.16) by $0.02. The firm had revenue of $75.19 million during the quarter, compared to analyst estimates of $140.54 million. DAQO New Energy had a negative return on equity of 6.54% and a negative net margin of 65.64%. On average, equities research analysts expect that DAQO New Energy Corp. will post -3.5 EPS for the current year.

DAQO New Energy declared that its Board of Directors has authorized a stock repurchase program on Tuesday, August 26th that permits the company to repurchase $0.00 in shares. This repurchase authorization permits the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of DQ. Headlands Technologies LLC bought a new position in DAQO New Energy in the 2nd quarter worth $29,000. Caitong International Asset Management Co. Ltd boosted its holdings in DAQO New Energy by 86,700.0% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock worth $31,000 after buying an additional 1,734 shares during the period. Virtu Financial LLC bought a new position in DAQO New Energy in the 1st quarter worth $187,000. Vident Advisory LLC bought a new position in DAQO New Energy in the 1st quarter worth $216,000. Finally, Harvest Portfolios Group Inc. bought a new position in DAQO New Energy in the 1st quarter worth $305,000. Institutional investors own 47.22% of the company’s stock.

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.