DAQO New Energy (NYSE:DQ) Releases Earnings Results, Misses Estimates By $0.30 EPS

DAQO New Energy (NYSE:DQ) issued its earnings results on Tuesday. The semiconductor company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.30), RTT News reports. The business had revenue of $194.15 million for the quarter, compared to analysts’ expectations of $61.90 million. DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%. During the same period last year, the company posted ($0.22) earnings per share.

DAQO New Energy Trading Down 0.6%

DQ stock opened at $10.14 on Tuesday. The company has a market cap of $686.11 million, a P/E ratio of -3.57 and a beta of 0.67. DAQO New Energy has a 52 week low of $9.89 and a 52 week high of $36.59. The company’s 50-day moving average price is $11.89 and its 200 day moving average price is $17.42.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. New Street Research set a $10.00 price target on DAQO New Energy in a research note on Monday, August 24th. Weiss Ratings lowered DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, October 19th. Zacks Research upgraded DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 29th. The Goldman Sachs Group cut DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price objective for the company. in a research report on Monday, August 24th. Finally, JPMorgan Chase & Co. reduced their target price on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating for the company in a report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $15.83.

About DAQO New Energy

Daqo New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce solar photovoltaic wafers, cells and modules. Through its operating subsidiaries, the company produces polysilicon in grades used primarily for monocrystalline and multicrystalline solar applications.

The company’s production operations are located in China, including facilities in Xinjiang. Its products are supplied to manufacturers in the solar photovoltaic industry, primarily within China’s extensive solar manufacturing supply chain, with the company serving customers in other markets through industry sales and distribution relationships.

Daqo New Energy was founded in 2007 and completed its initial public offering on the New York Stock Exchange in 2010.