Daqo New Energy (NYSE:DQ) Trading 9.9% Higher – Still a Buy?

Daqo New Energy Corp. (NYSE:DQ)’s stock price was up 9.9% on Wednesday . The stock traded as high as $22.48 and last traded at $22.50. Approximately 378,533 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 774,388 shares. The stock had previously closed at $20.47.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Daiwa Capital Markets upgraded shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Trading Up 10.2 %

The firm has a market capitalization of $1.49 billion, a PE ratio of -12.19 and a beta of 0.25. The business has a 50-day moving average of $19.58 and a 200 day moving average of $19.10.

Hedge Funds Weigh In On Daqo New Energy

Several large investors have recently modified their holdings of DQ. Blue Trust Inc. grew its position in Daqo New Energy by 132.3% during the third quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock worth $93,000 after buying an additional 2,601 shares in the last quarter. Signaturefd LLC increased its stake in Daqo New Energy by 27.3% in the third quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after acquiring an additional 602 shares during the last quarter. Van ECK Associates Corp increased its stake in Daqo New Energy by 4.3% in the third quarter. Van ECK Associates Corp now owns 18,657 shares of the semiconductor company’s stock valued at $415,000 after acquiring an additional 764 shares during the last quarter. KBC Group NV lifted its stake in Daqo New Energy by 12.9% during the third quarter. KBC Group NV now owns 25,244 shares of the semiconductor company’s stock worth $514,000 after purchasing an additional 2,877 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its holdings 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 worth $214,000 after purchasing an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 47.22% of the company’s stock.

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.