Daqo New Energy (NYSE:DQ) Shares Gap Down – What’s Next?

Daqo New Energy Corp. (NYSE:DQ) shares gapped down prior to trading on Friday . The stock had previously closed at $20.24, but opened at $19.59. Daqo New Energy shares last traded at $20.08, with a volume of 170,632 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on DQ shares. HSBC upgraded Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. StockNews.com upgraded shares of Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Hsbc Global Res upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Daiwa Capital Markets upgraded shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. Finally, Daiwa America raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Stock Performance

The business’s 50-day moving average is $20.21 and its two-hundred day moving average is $18.19. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -11.36 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last posted its 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 return on equity of 1.90% and a negative net margin of 9.16%. The firm had revenue of $198.50 million during the quarter, compared to analyst estimates of $186.90 million. During the same quarter last year, the business posted ($0.09) earnings per share. Analysts forecast that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Institutional Investors Weigh In On Daqo New Energy

Hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. acquired a new position in shares of Daqo New Energy in the 2nd quarter valued at approximately $11,080,000. Sylebra Capital LLC lifted its stake in Daqo New Energy by 103.9% in the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after buying an additional 480,980 shares in the last quarter. Marshall Wace LLP increased its position in shares of Daqo New Energy by 112.3% during the second quarter. Marshall Wace LLP now owns 322,635 shares of the semiconductor company’s stock worth $4,710,000 after acquiring an additional 170,660 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Daqo New Energy by 6.4% during the second quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock worth $36,456,000 after acquiring an additional 149,610 shares in the last quarter. Finally, Wexford Capital LP lifted its position in Daqo New Energy by 395.7% in the 3rd quarter. Wexford Capital LP now owns 164,809 shares of the semiconductor company’s stock valued at $3,357,000 after acquiring an additional 131,564 shares in the last quarter. Institutional investors and hedge funds 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.