Daqo New Energy (NYSE:DQ) Trading Up 5.6% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ) shares were up 5.6% during mid-day trading on Wednesday . The stock traded as high as $20.77 and last traded at $20.87. Approximately 311,103 shares traded hands during trading, a decline of 70% from the average daily volume of 1,026,651 shares. The stock had previously closed at $19.77.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Daqo New Energy to a “sell” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.26.

Daqo New Energy Price Performance

The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -10.40 and a beta of 0.41. The firm’s fifty day moving average is $19.63 and its two-hundred day moving average is $19.55.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings data on Thursday, February 27th. The semiconductor company reported ($2.71) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($2.02). The company had revenue of $195.36 million during the quarter, compared to analyst estimates of $153.54 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. On average, equities analysts forecast that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Daqo New Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Generali Investments CEE investicni spolecnost a.s. bought a new stake in Daqo New Energy in the fourth quarter worth about $52,000. Daiwa Securities Group Inc. grew its stake in shares of Daqo New Energy by 15.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock valued at $214,000 after buying an additional 1,400 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Daqo New Energy by 66.1% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,000 shares of the semiconductor company’s stock valued at $285,000 after buying an additional 5,570 shares in the last quarter. Diametric Capital LP grew its stake in shares of Daqo New Energy by 25.5% in the 4th quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company’s stock valued at $311,000 after buying an additional 3,255 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in Daqo New Energy by 7.6% during the fourth quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 1,410 shares during the period. 47.22% of the stock is currently owned by institutional investors.

Daqo New Energy Company Profile

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.