DAQO New Energy (NYSE:DQ) Shares Gap Up – Should You Buy?

DAQO New Energy Corp. (NYSE:DQ)’s share price gapped up before the market opened on Monday . The stock had previously closed at $12.17, but opened at $12.85. DAQO New Energy shares last traded at $13.71, with a volume of 174,508 shares trading hands.

Analyst Ratings Changes

A number of analysts recently commented on the company. Roth Capital set a $19.00 price target on DAQO New Energy in a research note on Thursday, April 30th. Weiss Ratings lowered shares of DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 24th. Zacks Research raised shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. cut their target price on shares of DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $11.20 price target on shares of DAQO New Energy in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, DAQO New Energy has an average rating of “Hold” and a consensus price target of $22.35.

DAQO New Energy Stock Performance

The stock has a market cap of $903.21 million, a P/E ratio of -4.81 and a beta of 0.65. The firm has a 50-day moving average price of $13.77 and a 200-day moving average price of $19.40.

Hedge Funds Weigh In On DAQO New Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of DAQO New Energy by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 1,753,947 shares of the semiconductor company’s stock valued at $51,741,000 after buying an additional 15,159 shares in the last quarter. Invesco Ltd. grew its position in shares of DAQO New Energy by 22.6% in the 4th quarter. Invesco Ltd. now owns 1,429,565 shares of the semiconductor company’s stock worth $42,172,000 after buying an additional 263,614 shares during the period. Mackenzie Financial Corp increased its stake in shares of DAQO New Energy by 9.1% in the 4th quarter. Mackenzie Financial Corp now owns 1,316,140 shares of the semiconductor company’s stock worth $38,934,000 after acquiring an additional 110,186 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock valued at $21,005,000 after acquiring an additional 625,900 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in DAQO New Energy during the 3rd quarter valued at about $18,280,000. Institutional investors own 47.22% of the company’s stock.

About DAQO New Energy

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.