Daqo New Energy (NYSE:DQ) Shares Gap Up – Still a Buy?

Daqo New Energy Corp. (NYSE:DQ) gapped up before the market opened on Friday . The stock had previously closed at $18.26, but opened at $18.64. Daqo New Energy shares last traded at $18.56, with a volume of 144,480 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $22.26.

Daqo New Energy Stock Performance

The company has a 50 day moving average of $19.57 and a two-hundred day moving average of $19.67. The stock has a market capitalization of $1.22 billion, a PE ratio of -10.02 and a beta of 0.41.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings data on Thursday, February 27th. The semiconductor company reported ($2.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by ($2.02). The company had revenue of $195.36 million for the quarter, compared to analyst estimates of $153.54 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. As a group, research analysts predict that Daqo New Energy Corp. will post -3.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Continental General Insurance Co. boosted its position in Daqo New Energy by 5.8% in the fourth quarter. Continental General Insurance Co. now owns 5,916,202 shares of the semiconductor company’s stock valued at $115,011,000 after buying an additional 322,084 shares during the last quarter. Greenwoods Asset Management Hong Kong Ltd. lifted its stake in Daqo New Energy by 5,286.6% during the 4th quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 2,714,780 shares of the semiconductor company’s stock valued at $52,775,000 after acquiring an additional 2,664,381 shares during the period. Ariose Capital Management Ltd boosted its holdings in shares of Daqo New Energy by 27.5% in the 4th quarter. Ariose Capital Management Ltd now owns 1,505,709 shares of the semiconductor company’s stock valued at $29,271,000 after acquiring an additional 324,585 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Daqo New Energy by 67.5% during the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company’s stock worth $17,237,000 after purchasing an additional 357,460 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Daqo New Energy by 1.1% during the third quarter. State Street Corp now owns 842,921 shares of the semiconductor company’s stock worth $17,170,000 after purchasing an additional 8,983 shares during the last quarter. 47.22% of the stock is owned by institutional investors and hedge funds.

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.