DAQO New Energy (NYSE:DQ) Shares Gap Down - Time to Sell?

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $24.60, but opened at $23.86. DAQO New Energy shares last traded at $23.20, with a volume of 381,037 shares.

Wall Street Analysts Forecast Growth

DQ has been the subject of a number of research reports. Wall Street Zen raised DAQO New Energy to a "sell" rating in a report on Monday, April 21st. Glj Research upgraded DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price target for the company in a research report on Thursday, July 10th. The Goldman Sachs Group lowered DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price target on the stock. in a research note on Tuesday, April 15th. Citigroup started coverage on DAQO New Energy in a research note on Friday, July 18th. They set a "buy" rating and a $27.00 target price on the stock. Finally, HSBC lowered DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 target price on the stock. in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, DAQO New Energy has an average rating of "Moderate Buy" and a consensus price target of $23.22.

DAQO New Energy Stock Performance

The company has a market cap of $1.56 billion, a price-to-earnings ratio of -3.58 and a beta of 0.60. The business has a 50-day simple moving average of $16.44 and a 200-day simple moving average of $17.13.

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 analysts' consensus estimates of ($1.02) by ($0.05). DAQO New Energy had a negative net margin of 58.63% and a negative return on equity of 7.16%. The company had revenue of $123.91 million during the quarter, compared to analyst estimates of $176.81 million. Research analysts anticipate that DAQO New Energy Corp. will post -3.5 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DQ. Caitong International Asset Management Co. Ltd grew its stake in DAQO New Energy by 86,700.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock worth $31,000 after buying an additional 1,734 shares during the last quarter. Virtu Financial LLC purchased a new position in DAQO New Energy during the 1st quarter worth approximately $187,000. Vident Advisory LLC purchased a new position in DAQO New Energy during the 1st quarter worth approximately $216,000. Harvest Portfolios Group Inc. purchased a new position in DAQO New Energy during the 1st quarter worth approximately $305,000. Finally, Diametric Capital LP grew its stake in 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 buying an additional 3,255 shares during the last quarter. Hedge funds and other institutional investors 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.