Daqo New Energy (NYSE:DQ) Shares Gap Up – Still a Buy?

Daqo New Energy Corp. (NYSE:DQ) gapped up prior to trading on Tuesday . The stock had previously closed at $17.77, but opened at $18.91. Daqo New Energy shares last traded at $19.07, with a volume of 882,992 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Hsbc Global Res upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group lowered their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research report on Monday, August 26th. HSBC upgraded shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Daiwa Capital Markets upgraded Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. Finally, Daiwa America raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Daqo New Energy has an average rating of “Buy” and an average price target of $22.26.

Daqo New Energy Stock Up 6.0 %

The company has a market cap of $1.24 billion, a price-to-earnings ratio of -10.18 and a beta of 0.28. The company has a fifty day simple moving average of $20.28 and a two-hundred day simple moving average of $18.20.

Daqo New Energy (NYSE:DQ) last issued 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). Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. The business had revenue of $198.50 million during the quarter, compared to analyst estimates of $186.90 million. During the same period in the previous year, the company posted ($0.09) earnings per share. On average, research analysts predict that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DQ. Signaturefd LLC grew its holdings in Daqo New Energy by 27.3% during the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after buying an additional 602 shares during the last quarter. Van ECK Associates Corp boosted its stake in Daqo New Energy by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock worth $415,000 after buying an additional 764 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in 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 during the period. Rhumbline Advisers increased its stake in shares of Daqo New Energy by 22.2% during the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after acquiring an additional 1,470 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of Daqo New Energy by 132.3% during the 3rd quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock worth $93,000 after acquiring an additional 2,601 shares during the period. 47.22% of the stock is owned by hedge funds and other 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.