Daqo New Energy (NYSE:DQ) Shares Down 6% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s stock price fell 6% during mid-day trading on Wednesday . The company traded as low as $17.03 and last traded at $17.09. 172,380 shares were traded during mid-day trading, a decline of 75% from the average session volume of 678,719 shares. The stock had previously closed at $18.19.

Analyst Ratings Changes

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

Daqo New Energy Stock Up 2.7 %

The company has a 50-day moving average price of $19.20 and a 200-day moving average price of $18.51. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -9.78 and a beta of 0.26.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.12). The company had revenue of $198.50 million for the quarter, compared to the consensus estimate of $186.90 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. As a group, analysts forecast that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Mackenzie Financial Corp lifted its holdings in Daqo New Energy by 6.4% in the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock valued at $36,456,000 after acquiring an additional 149,610 shares during the last quarter. Ariose Capital Management Ltd lifted its stake in Daqo New Energy by 27.5% during the fourth quarter. Ariose Capital Management Ltd now owns 1,505,709 shares of the semiconductor company’s stock valued at $29,271,000 after purchasing an additional 324,585 shares during the last quarter. Sylebra Capital LLC boosted its holdings in Daqo New Energy by 103.9% during the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock worth $13,778,000 after buying an additional 480,980 shares in the last quarter. State Street Corp grew its position in Daqo New Energy by 1.1% in the third quarter. State Street Corp now owns 842,921 shares of the semiconductor company’s stock worth $17,170,000 after buying an additional 8,983 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Daqo New Energy during the second quarter worth $11,080,000. Institutional investors 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.