Daqo New Energy (NYSE:DQ) Shares Up 6.4% – Should You Buy?

Daqo New Energy Corp. (NYSE:DQ) was up 6.4% during trading on Wednesday . The company traded as high as $20.60 and last traded at $20.48. Approximately 105,318 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,170,054 shares. The stock had previously closed at $19.24.

Wall Street Analysts Forecast Growth

DQ has been the subject of a number of research reports. Daiwa Capital Markets upgraded shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. StockNews.com raised Daqo New Energy to a “sell” rating in a research note on Monday, September 23rd. Roth Mkm cut their target price on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 28th. Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, Hsbc Global Res upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $22.26.

Daqo New Energy Stock Up 4.9 %

The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -10.91 and a beta of 0.32. The company has a 50-day moving average price of $20.70 and a 200 day moving average price of $18.44.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.12). The business had revenue of $198.50 million for the quarter, compared to analyst estimates of $186.90 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. During the same quarter in the previous year, the business posted ($0.09) earnings per share. Equities analysts forecast that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Hedge Funds Weigh In On Daqo New Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Sylebra Capital LLC boosted its position in Daqo New Energy by 103.9% during the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after purchasing an additional 480,980 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Daqo New Energy by 112.3% during the 2nd quarter. Marshall Wace LLP now owns 322,635 shares of the semiconductor company’s stock worth $4,710,000 after purchasing an additional 170,660 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Daqo New Energy during the 2nd quarter valued at about $11,080,000. Mackenzie Financial Corp grew its stake in shares of Daqo New Energy by 6.4% in the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock valued at $36,456,000 after buying an additional 149,610 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Daqo New Energy by 12,187.5% in the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after buying an additional 1,950 shares during the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

About Daqo New Energy

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.