Daqo New Energy (NYSE:DQ) Shares Gap Down – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $19.07, but opened at $18.24. Daqo New Energy shares last traded at $17.62, with a volume of 319,936 shares changing hands.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Hsbc Global Res upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Daiwa America upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, Daiwa Capital Markets upgraded shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $22.26.

Daqo New Energy Price Performance

The stock has a market cap of $1.16 billion, a P/E ratio of -9.52 and a beta of 0.26. The firm’s fifty day moving average price is $19.25 and its two-hundred day moving average price is $18.52.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.12). Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. The business 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 business earned ($0.09) EPS. On average, research analysts expect that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Daqo New Energy

Several institutional investors and hedge funds have recently made changes to their positions in DQ. Signaturefd LLC increased its stake in Daqo New Energy by 27.3% in the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock worth $57,000 after purchasing an additional 602 shares during the period. Blue Trust Inc. grew its holdings in shares of Daqo New Energy by 132.3% in the third quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock worth $93,000 after purchasing an additional 2,601 shares during the last quarter. AXA S.A. increased its stake in shares of Daqo New Energy by 202.3% in the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after buying an additional 4,274 shares during the period. Rhumbline Advisers raised its holdings in Daqo New Energy by 22.2% during the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after buying an additional 1,470 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in Daqo New Energy by 15.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock valued at $214,000 after buying an additional 1,400 shares during the period. Institutional investors own 47.22% of the company’s stock.

About Daqo New Energy

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.