DAQO New Energy (NYSE:DQ) Trading 3.6% Higher – Here’s Why

DAQO New Energy Corp. (NYSE:DQ) rose 3.6% during trading on Tuesday . The stock traded as high as $13.26 and last traded at $13.3590. 43,480 shares changed hands during trading, a decline of 95% from the average daily volume of 855,937 shares. The stock had previously closed at $12.89.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on DQ shares. Weiss Ratings downgraded shares of DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, August 28th. Zacks Research lowered shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, August 7th. New Street Research set a $10.00 target price on DAQO New Energy in a research report on Monday, August 24th. The Goldman Sachs Group cut DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a research note on Monday, August 24th. Finally, JPMorgan Chase & Co. reduced their price target on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $19.36.

DAQO New Energy Trading Down 0.7%

The company has a market capitalization of $870.66 million, a PE ratio of -4.53 and a beta of 0.67. The firm’s 50-day simple moving average is $13.03 and its 200-day simple moving average is $17.58.

DAQO New Energy (NYSE:DQ) last issued its earnings results on Thursday, August 20th. The semiconductor company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.63). DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%.The company had revenue of $62.66 million for the quarter, compared to analysts’ expectations of $52.93 million. As a group, analysts anticipate that DAQO New Energy Corp. will post -1.96 EPS for the current year.

Hedge Funds Weigh In On DAQO New Energy

Several institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in DAQO New Energy in the third quarter worth $26,000. Farther Finance Advisors LLC lifted its holdings in shares of DAQO New Energy by 1,650.0% during the 4th quarter. Farther Finance Advisors LLC now owns 1,330 shares of the semiconductor company’s stock valued at $39,000 after purchasing an additional 1,254 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of DAQO New Energy in the 4th quarter worth $49,000. Banque Cantonale Vaudoise acquired a new stake in shares of DAQO New Energy in the 4th quarter worth $55,000. Finally, Headlands Technologies LLC purchased a new position in DAQO New Energy during the 2nd quarter worth $29,000. 47.22% of the stock is owned by hedge funds and other institutional investors.

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.