Daqo New Energy Corp. (NYSE:DQ) Sees Large Decline in Short Interest

Daqo New Energy Corp. (NYSE:DQ) was the recipient of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 3,050,000 shares, a decrease of 20.4% from the February 13th total of 3,830,000 shares. Based on an average daily trading volume, of 871,300 shares, the short-interest ratio is currently 3.5 days. Approximately 4.7% of the company’s stock are short sold.

Daqo New Energy Price Performance

DQ stock traded up $0.14 on Tuesday, reaching $19.74. 909,866 shares of the company were exchanged, compared to its average volume of 1,029,432. The firm has a market capitalization of $1.30 billion, a PE ratio of -10.67 and a beta of 0.41. Daqo New Energy has a 12 month low of $13.62 and a 12 month high of $30.85. The stock’s fifty day moving average price is $19.64 and its 200 day moving average price is $19.54.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings data on Thursday, February 27th. The semiconductor company reported ($2.71) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.69) by ($2.02). The firm had revenue of $195.36 million for the quarter, compared to the consensus estimate 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 expect that Daqo New Energy will post -3.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Daqo New Energy

A number of hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. raised its position in Daqo New Energy by 67.5% in 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 in the last quarter. Point72 Europe London LLP bought a new stake in shares of Daqo New Energy in the 4th quarter valued at approximately $3,742,000. Point72 Hong Kong Ltd acquired a new position in shares of Daqo New Energy in the 4th quarter worth approximately $3,287,000. Nuveen Asset Management LLC raised its holdings in shares of Daqo New Energy by 16.7% in the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company’s stock worth $762,000 after buying an additional 5,600 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main bought a new position in shares of Daqo New Energy during the 4th quarter worth approximately $3,732,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Daqo New Energy to a “sell” rating in a research note on Monday, March 3rd. One equities 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 data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $22.26.

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.