Daqo New Energy (NYSE:DQ) Stock Price Up 5.6% – Here’s Why

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

Analysts Set New Price Targets

Separately, StockNews.com upgraded 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 given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $22.26.

Daqo New Energy Stock Up 4.8 %

The firm’s 50-day moving average price is $19.64 and its 200-day moving average price is $19.54. The company has a market cap of $1.37 billion, a P/E ratio of -11.20 and a beta of 0.41.

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 the consensus estimate of ($0.69) by ($2.02). The firm had revenue of $195.36 million for the quarter, compared to analysts’ expectations of $153.54 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. As a group, analysts forecast that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in shares of Daqo New Energy in the 4th quarter worth about $52,000. Daiwa Securities Group Inc. grew its position 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 buying an additional 1,400 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position 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 worth $285,000 after buying an additional 5,570 shares during the period. Diametric Capital LP grew its position 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 worth $311,000 after buying an additional 3,255 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Daqo New Energy by 7.6% in the 4th quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company’s stock worth $390,000 after buying 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.