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

Shares of Daqo New Energy Corp. (NYSE:DQ) 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 trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DQ shares. 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. HSBC upgraded shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research 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. Finally, Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $22.26.

Daqo New Energy Stock Up 0.7 %

The firm has a market cap of $1.16 billion, a P/E ratio of -9.52 and a beta of 0.26. The business’s 50 day moving average is $19.25 and its two-hundred day moving average is $18.52.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) EPS 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 for the quarter, compared to the consensus estimate of $186.90 million. During the same quarter in the previous year, the company earned ($0.09) EPS. Equities research analysts anticipate that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Institutional Investors Weigh In On Daqo New Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC boosted its stake in shares of 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 buying an additional 602 shares during the last quarter. Van ECK Associates Corp boosted its position in Daqo New Energy by 4.3% in the third quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock worth $415,000 after purchasing an additional 764 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in Daqo New Energy by 15.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock valued at $214,000 after purchasing an additional 1,400 shares during the period. Rhumbline Advisers increased its position in shares of 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 purchasing an additional 1,470 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Daqo New Energy by 132.3% during the 3rd 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 period. 47.22% of the stock is owned by hedge funds and other institutional investors.

Daqo New Energy Company Profile

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.