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

DAQO New Energy Corp. (NYSE:DQ) gapped up before the market opened on Thursday . The stock had previously closed at $16.06, but opened at $17.05. DAQO New Energy shares last traded at $17.0930, with a volume of 421,845 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have commented on DQ. Weiss Ratings upgraded shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 27th. Zacks Research lowered shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Wall Street Zen lowered shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Finally, Roth Mkm set a $19.00 target price on shares of DAQO New Energy in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $23.59.

DAQO New Energy Stock Performance

The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -5.88 and a beta of 0.61. The business’s 50 day moving average price is $19.63 and its 200-day moving average price is $24.54.

DAQO New Energy (NYSE:DQ) last issued its earnings results on Wednesday, April 29th. The semiconductor company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($1.18). The company had revenue of $26.72 million during the quarter, compared to analyst estimates of $186.28 million. DAQO New Energy had a negative net margin of 32.92% and a negative return on equity of 3.19%. On average, analysts forecast that DAQO New Energy Corp. will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DAQO New Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP acquired a new stake in DAQO New Energy during the third quarter worth about $26,000. Farther Finance Advisors LLC raised its stake in DAQO New Energy by 1,650.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,330 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 1,254 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in DAQO New Energy during the fourth quarter worth about $49,000. Banque Cantonale Vaudoise acquired a new stake in DAQO New Energy during the fourth quarter worth about $55,000. Finally, Headlands Technologies LLC acquired a new stake in DAQO New Energy during the second quarter worth about $29,000. 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.