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

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

Analysts Set New Price Targets

DQ has been the topic of a number of recent research reports. New Street Research set a $18.13 price objective on DAQO New Energy in a report on Tuesday, February 3rd. Glj Research cut DAQO New Energy from a “buy” rating to a “sell” rating and dropped their price objective for the stock from $30.51 to $18.13 in a report on Tuesday, February 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of DAQO New Energy in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, DAQO New Energy currently has an average rating of “Hold” and a consensus target price of $25.43.

DAQO New Energy Trading Up 15.0%

The firm has a fifty day simple moving average of $22.56 and a two-hundred day simple moving average of $26.83. The stock has a market cap of $1.56 billion, a PE ratio of -9.14 and a beta of 0.80.

DAQO New Energy (NYSE:DQ) last released its quarterly earnings results on Monday, March 2nd. The semiconductor company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The business had revenue of $221.71 million during the quarter, compared to analysts’ expectations of $276.94 million. DAQO New Energy had a negative net margin of 25.62% and a negative return on equity of 2.92%. Equities analysts forecast that DAQO New Energy Corp. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On DAQO New Energy

Several institutional investors have recently modified their holdings of DQ. Millennium Management LLC increased its position in shares of DAQO New Energy by 1,261.0% during the 1st quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company’s stock valued at $6,422,000 after purchasing an additional 328,541 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock valued at $21,005,000 after purchasing an additional 625,900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of DAQO New Energy by 34.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 174,912 shares of the semiconductor company’s stock valued at $3,168,000 after purchasing an additional 44,780 shares during the last quarter. Jump Financial LLC grew its position in DAQO New Energy by 78.0% during the 2nd quarter. Jump Financial LLC now owns 212,200 shares of the semiconductor company’s stock worth $3,219,000 after acquiring an additional 92,954 shares during the last quarter. Finally, Bank of America Corp DE grew its position in DAQO New Energy by 267.0% during the 2nd quarter. Bank of America Corp DE now owns 193,805 shares of the semiconductor company’s stock worth $2,940,000 after acquiring an additional 141,004 shares during the last quarter. 47.22% of the stock is currently owned by institutional investors.

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.