Daqo New Energy (NYSE:DQ) Shares Gap Down on Disappointing Earnings

Daqo New Energy Corp. (NYSE:DQ - Get Free Report) shares gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $14.81, but opened at $14.13. Daqo New Energy shares last traded at $13.08, with a volume of 226,969 shares.

The semiconductor company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($1.02) by ($0.05). Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. The business had revenue of $123.91 million during the quarter, compared to analysts' expectations of $176.81 million.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Hsbc Global Res lowered Daqo New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday. The Goldman Sachs Group downgraded Daqo New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price objective for the company. in a research note on Tuesday, April 15th. StockNews.com upgraded Daqo New Energy to a "sell" rating in a report on Monday, April 21st. Finally, HSBC lowered Daqo New Energy from a "buy" rating to a "hold" rating and set a $14.00 price objective on the stock. in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Daqo New Energy presently has a consensus rating of "Moderate Buy" and an average price target of $21.01.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DQ. Generali Investments CEE investicni spolecnost a.s. purchased a new position in shares of Daqo New Energy during the 4th quarter worth $52,000. Diametric Capital LP raised its holdings in shares of Daqo New Energy by 25.5% during the 4th quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company's stock worth $311,000 after acquiring an additional 3,255 shares during the period. Van ECK Associates Corp raised its holdings in shares of Daqo New Energy by 7.6% during the 4th quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company's stock worth $390,000 after acquiring an additional 1,410 shares during the period. Polymer Capital Management HK LTD purchased a new position in shares of Daqo New Energy during the 4th quarter worth $404,000. Finally, Geode Capital Management LLC raised its holdings in shares of Daqo New Energy by 9.2% during the 3rd quarter. Geode Capital Management LLC now owns 33,546 shares of the semiconductor company's stock worth $683,000 after acquiring an additional 2,813 shares during the period. Hedge funds and other institutional investors own 47.22% of the company's stock.

Daqo New Energy Trading Up 0.0 %

The firm has a fifty day moving average price of $16.89 and a 200 day moving average price of $18.94. The firm has a market cap of $841.26 million, a PE ratio of -6.89 and a beta of 0.37.

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.