Daqo New Energy (NYSE:DQ) Shares Gap Up – Here’s What Happened

Shares of Daqo New Energy Corp. (NYSE:DQ) gapped up before the market opened on Tuesday . The stock had previously closed at $18.62, but opened at $19.17. Daqo New Energy shares last traded at $19.99, with a volume of 384,793 shares trading hands.

Analysts Set New Price Targets

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

Daqo New Energy Stock Up 11.2 %

The business’s fifty day moving average is $19.82 and its two-hundred day moving average is $19.22. The stock has a market capitalization of $1.37 billion, a PE ratio of -11.17 and a beta of 0.25.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Thursday, February 27th. The semiconductor company reported ($2.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($2.02). The business had revenue of $195.36 million during the quarter, compared to analysts’ expectations of $153.54 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. Sell-side analysts expect that Daqo New Energy Corp. will post -3.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Daqo New Energy

Several large investors have recently modified their holdings of DQ. Continental General Insurance Co. boosted its position in shares of Daqo New Energy by 5.8% during the fourth quarter. Continental General Insurance Co. now owns 5,916,202 shares of the semiconductor company’s stock valued at $115,011,000 after buying an additional 322,084 shares during the period. Greenwoods Asset Management Hong Kong Ltd. boosted its holdings in Daqo New Energy by 5,286.6% during the 4th quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 2,714,780 shares of the semiconductor company’s stock valued at $52,775,000 after acquiring an additional 2,664,381 shares during the period. Ariose Capital Management Ltd grew its position in Daqo New Energy by 27.5% in the 4th quarter. Ariose Capital Management Ltd now owns 1,505,709 shares of the semiconductor company’s stock valued at $29,271,000 after acquiring an additional 324,585 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Daqo New Energy by 67.5% in the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company’s stock worth $17,237,000 after purchasing an additional 357,460 shares during the period. Finally, State Street Corp lifted its position in shares of Daqo New Energy by 1.1% during the third quarter. State Street Corp now owns 842,921 shares of the semiconductor company’s stock worth $17,170,000 after purchasing an additional 8,983 shares during the last quarter. 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.