DAQO New Energy Corp. (NYSE:DQ) Receives $23.22 Consensus Target Price from Analysts

Key Points

• DAQO New Energy Corp. has received a consensus rating of "Moderate Buy" from ten brokerage firms, with a 12-month target price averaging $23.22.
• Recent analyst actions include a downgrade from Goldman Sachs to a "neutral" rating with a target price of $17.00, and Citigroup initiating coverage with a "buy" rating and a target of $27.00.
• The company's stock has seen a 2.8% decline recently, with current trading around $22.66, amidst poor earnings results that missed consensus estimates.

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the ten ratings firms that are currently covering the stock, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $23.22.

Several equities analysts recently issued reports on DQ shares. Glj Research upgraded DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price target on the stock in a research report on Thursday, July 10th. The Goldman Sachs Group cut DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 target price on the stock. in a research note on Tuesday, April 15th. Wall Street Zen raised DAQO New Energy to a "sell" rating in a research note on Monday, April 21st. Citigroup assumed coverage on DAQO New Energy in a research report on Friday, July 18th. They set a "buy" rating and a $27.00 price target on the stock. Finally, Hsbc Global Res lowered DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th.

DAQO New Energy Stock Performance

DQ traded down $1.10 on Thursday, hitting $20.66. 875,310 shares of the company were exchanged, compared to its average volume of 1,810,610. The firm has a fifty day simple moving average of $17.27 and a two-hundred day simple moving average of $17.23. DAQO New Energy has a 12 month low of $12.40 and a 12 month high of $30.85. The stock has a market capitalization of $1.39 billion, a PE ratio of -3.17 and a beta of 0.48.

Institutional Investors Weigh In On DAQO New Energy

A number of institutional investors have recently modified their holdings of DQ. Caitong International Asset Management Co. Ltd grew its stake in shares of DAQO New Energy by 86,700.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock worth $31,000 after acquiring an additional 1,734 shares during the last quarter. Virtu Financial LLC bought a new position in shares of DAQO New Energy during the first quarter valued at $187,000. Vident Advisory LLC bought a new position in shares of DAQO New Energy during the first quarter valued at $216,000. Harvest Portfolios Group Inc. bought a new position in shares of DAQO New Energy during the first quarter valued at $305,000. Finally, Diametric Capital LP lifted its holdings in shares of DAQO New Energy by 25.5% during the fourth quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company's stock valued at $311,000 after purchasing an additional 3,255 shares in the last quarter. 47.22% of the stock is owned by hedge funds and other institutional investors.

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.