DAQO New Energy (NYSE:DQ) Shares Gap Down – Here’s What Happened

DAQO New Energy Corp. (NYSE:DQ) shares gapped down prior to trading on Thursday . The stock had previously closed at $29.19, but opened at $27.16. DAQO New Energy shares last traded at $26.1190, with a volume of 595,143 shares changing hands.

Analysts Set New Price Targets

Several brokerages have commented on DQ. New Street Research set a $15.40 price target on shares of DAQO New Energy in a research note on Thursday, September 18th. Roth Capital set a $30.00 price target on shares of DAQO New Energy and gave the stock a “neutral” rating in a research note on Tuesday, October 28th. The Goldman Sachs Group set a $18.30 price target on shares of DAQO New Energy and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Wall Street Zen raised DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of DAQO New Energy in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $27.04.

DAQO New Energy Price Performance

The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of -4.98 and a beta of 0.60. The business’s 50 day moving average price is $31.48 and its 200-day moving average price is $26.61.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.39. The company had revenue of $244.60 million for the quarter, compared to analyst estimates of $176.78 million. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%. As a group, analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP purchased a new stake in DAQO New Energy during the third quarter worth about $26,000. Headlands Technologies LLC purchased a new stake in shares of DAQO New Energy during the 2nd quarter worth approximately $29,000. Pinpoint Asset Management Singapore Pte. Ltd. grew its holdings in shares of DAQO New Energy by 777.7% in the 3rd quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 2,633 shares of the semiconductor company’s stock worth $74,000 after acquiring an additional 2,333 shares during the period. Brooklyn Investment Group increased its stake in DAQO New Energy by 17,302.3% in the 3rd quarter. Brooklyn Investment Group now owns 7,657 shares of the semiconductor company’s stock valued at $215,000 after purchasing an additional 7,613 shares in the last quarter. Finally, Vise Technologies Inc. purchased a new position in DAQO New Energy in the 3rd quarter valued at approximately $225,000. 47.22% of the stock is owned by institutional investors and hedge funds.

DAQO New Energy Company Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.