DAQO New Energy (NYSE:DQ) Shares Gap Down - Here's Why

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $18.98, but opened at $18.16. DAQO New Energy shares last traded at $17.88, with a volume of 400,617 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages recently commented on DQ. HSBC lowered DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price target on the stock. in a research note on Wednesday, April 30th. Glj Research raised shares of DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price objective on the stock in a research note on Thursday. Wall Street Zen raised DAQO New Energy to a "sell" rating in a report on Monday, April 21st. Hsbc Global Res cut DAQO New Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, The Goldman Sachs Group lowered DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price objective on the stock. in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $22.59.

DAQO New Energy Stock Up 6.8%

The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of -3.10 and a beta of 0.60. The company's fifty day moving average is $14.70 and its two-hundred day moving average is $17.02.

DAQO New Energy (NYSE:DQ - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($0.05). The company had revenue of $123.91 million during the quarter, compared to the consensus estimate of $176.81 million. DAQO New Energy had a negative return on equity of 7.16% and a negative net margin of 58.63%. On average, equities research analysts expect that DAQO New Energy Corp. will post -3.5 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd raised its position in shares of DAQO New Energy by 86,700.0% in the 1st 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 in the last quarter. Virtu Financial LLC purchased a new stake in shares of DAQO New Energy during the first quarter worth about $187,000. Vident Advisory LLC bought a new position in DAQO New Energy in the 1st quarter worth $216,000. Harvest Portfolios Group Inc. purchased a new stake in shares of DAQO New Energy in the 1st quarter worth about $305,000. Finally, Diametric Capital LP boosted its stake 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 valued at $311,000 after purchasing an additional 3,255 shares in 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.