DAQO New Energy (NYSE:DQ) Hits New 1-Year Low – Here’s What Happened

DAQO New Energy Corp. (NYSE:DQ)’s stock price hit a new 52-week low on Wednesday. The stock traded as low as $10.80 and last traded at $10.9480, with a volume of 14268 shares trading hands. The stock had previously closed at $11.04.

Analyst Upgrades and Downgrades

DQ has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, September 14th. Zacks Research upgraded DAQO New Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. The Goldman Sachs Group downgraded DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a research report on Monday, August 24th. JPMorgan Chase & Co. dropped 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. Finally, New Street Research set a $10.00 price objective on DAQO New Energy in a research report on Monday, August 24th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $15.83.

DAQO New Energy Price Performance

The company has a 50 day moving average of $12.76 and a 200-day moving average of $15.55. The company has a market cap of $736.25 million, a P/E ratio of -3.83 and a beta of 0.67.

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

Hedge Funds Weigh In On DAQO New Energy

A number of large investors have recently bought and sold shares of the stock. Banque Cantonale Vaudoise raised its position in DAQO New Energy by 37.5% in the first quarter. Banque Cantonale Vaudoise now owns 2,579 shares of the semiconductor company’s stock valued at $55,000 after purchasing an additional 703 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of DAQO New Energy in the fourth quarter valued at about $49,000. Nykredit A S purchased a new stake in shares of DAQO New Energy during the 2nd quarter valued at about $28,000. Bank of New York Mellon Corp raised its holdings in shares of DAQO New Energy by 7.6% during the 1st quarter. Bank of New York Mellon Corp now owns 30,134 shares of the semiconductor company’s stock valued at $641,000 after buying an additional 2,122 shares during the period. Finally, Prudential PLC acquired a new position in DAQO New Energy during the 4th quarter worth approximately $202,000. 47.22% of the stock is owned by hedge funds and other institutional investors.

DAQO New Energy Company Profile

Daqo New Energy Corp. is a China-based manufacturer of high-purity polysilicon, a critical raw material used in the production of solar photovoltaic wafers, cells and modules. Through its principal operating subsidiary, Xinjiang Daqo New Energy Co, Ltd., the company produces polysilicon for the global solar industry.

The company’s products are primarily used by photovoltaic manufacturers to make monocrystalline and multicrystalline silicon wafers. Daqo operates production facilities in China, including in Xinjiang, and supplies customers in China and international markets through the solar photovoltaic manufacturing supply chain.

Daqo New Energy was established in 2008 and completed its initial public offering on the New York Stock Exchange in 2010.