DAQO New Energy (NYSE:DQ) Shares Gap Up – Here’s Why

DAQO New Energy Corp. (NYSE:DQ) gapped up prior to trading on Friday . The stock had previously closed at $25.17, but opened at $26.65. DAQO New Energy shares last traded at $27.8890, with a volume of 258,806 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DQ. Wall Street Zen raised DAQO New Energy from a “sell” rating to a “hold” rating in a research note on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DAQO New Energy in a research report on Monday, December 29th. Roth Mkm set a $30.00 target price on shares of DAQO New Energy and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Finally, The Goldman Sachs Group set a $18.30 price objective on shares of DAQO New Energy and gave the company a “neutral” rating in a research note on Wednesday, October 29th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, DAQO New Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.04.

DAQO New Energy Stock Up 11.5%

The firm has a market cap of $1.88 billion, a price-to-earnings ratio of -5.48 and a beta of 0.60. The stock has a 50 day moving average of $30.17 and a 200 day moving average of $27.19.

DAQO New Energy (NYSE:DQ) last released its earnings results on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.39. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%.The firm had revenue of $244.60 million during the quarter, compared to analysts’ expectations of $176.78 million. As a group, analysts predict that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP acquired a new stake in DAQO New Energy in the 3rd quarter valued at $26,000. Headlands Technologies LLC acquired a new position in shares of DAQO New Energy during the second quarter valued at about $29,000. Pinpoint Asset Management Singapore Pte. Ltd. increased its position in shares of DAQO New Energy by 777.7% during the third quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 2,633 shares of the semiconductor company’s stock worth $74,000 after acquiring an additional 2,333 shares in the last quarter. Brooklyn Investment Group raised its holdings in shares of DAQO New Energy by 17,302.3% in the 3rd quarter. Brooklyn Investment Group now owns 7,657 shares of the semiconductor company’s stock worth $215,000 after acquiring an additional 7,613 shares during the last quarter. Finally, Vise Technologies Inc. bought a new position in DAQO New Energy in the 3rd quarter valued at about $225,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

DAQO New Energy Company Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.