DAQO New Energy (NYSE:DQ) Trading Up 10.6% – Here’s Why

DAQO New Energy Corp. (NYSE:DQ) was up 10.6% during mid-day trading on Wednesday . The stock traded as high as $22.20 and last traded at $22.3090. Approximately 184,645 shares were traded during trading, a decline of 73% from the average daily volume of 691,173 shares. The stock had previously closed at $20.17.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on DQ shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DAQO New Energy in a report on Friday, March 27th. Glj Research downgraded shares of DAQO New Energy from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $30.51 to $18.13 in a report on Tuesday, February 3rd. Finally, New Street Research set a $18.13 price target on shares of DAQO New Energy in a report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $25.43.

DAQO New Energy Stock Performance

The company has a market cap of $1.54 billion, a price-to-earnings ratio of -9.03 and a beta of 0.80. The business’s 50 day moving average price is $22.48 and its 200-day moving average price is $26.78.

DAQO New Energy (NYSE:DQ) last announced its earnings results on Monday, March 2nd. The semiconductor company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). The firm had revenue of $221.71 million for the quarter, compared to analyst estimates of $276.94 million. DAQO New Energy had a negative return on equity of 2.92% and a negative net margin of 25.62%. On average, equities research analysts expect that DAQO New Energy Corp. will post -0.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DAQO New Energy

A number of hedge funds have recently made changes to their positions in DQ. Quarry LP acquired a new stake in shares of DAQO New Energy during the 3rd quarter worth about $26,000. Headlands Technologies LLC acquired a new stake in shares of DAQO New Energy during the 2nd quarter worth about $29,000. Farther Finance Advisors LLC increased its position in shares of DAQO New Energy by 1,650.0% during the 4th quarter. Farther Finance Advisors LLC now owns 1,330 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 1,254 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in DAQO New Energy in the 4th quarter valued at about $49,000. Finally, Banque Cantonale Vaudoise acquired a new stake in DAQO New Energy in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

About DAQO New Energy

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.