Daqo New Energy (NYSE:DQ) Shares Up 9.4% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s stock price shot up 9.4% on Wednesday . The stock traded as high as $20.20 and last traded at $20.05. 304,508 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 1,182,184 shares. The stock had previously closed at $18.32.

Analyst Upgrades and Downgrades

Several research analysts have commented on DQ shares. Daiwa Capital Markets raised Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. HSBC raised shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Roth Mkm decreased their target price on shares of Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 28th. Jefferies Financial Group dropped their price target on Daqo New Energy from $38.40 to $34.05 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Hsbc Global Res upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. One investment 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 company’s stock. According to MarketBeat.com, Daqo New Energy has an average rating of “Buy” and an average target price of $22.26.

Daqo New Energy Price Performance

The company has a market cap of $1.27 billion, a price-to-earnings ratio of -10.43 and a beta of 0.32. The business’s fifty day moving average price is $20.44 and its 200 day moving average price is $18.42.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) EPS for the quarter, missing the consensus estimate of ($0.80) by ($0.12). The company 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 period in the previous year, the firm posted ($0.09) earnings per share. As a group, equities research analysts anticipate that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Institutional Trading of Daqo New Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Daqo New Energy by 12,187.5% in the 2nd quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 1,950 shares during the period. Signaturefd LLC lifted its holdings 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 buying an additional 602 shares during the period. AXA S.A. boosted its position in Daqo New Energy by 202.3% during the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after acquiring an additional 4,274 shares during the last quarter. Rhumbline Advisers boosted its position in Daqo New Energy by 22.2% during the second 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, Harel Insurance Investments & Financial Services Ltd. grew its holdings in Daqo New Energy by 37.9% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock worth $211,000 after acquiring an additional 3,970 shares during the period. Institutional investors and hedge funds own 47.22% of the company’s stock.

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.