DAQO New Energy (NYSE:DQ) Shares Gap Down - Should You Sell?

DAQO New Energy Corp. (NYSE:DQ - Get Free Report)'s stock price gapped down before the market opened 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 changing hands.

Analysts Set New Price Targets

Several brokerages recently commented on DQ. Hsbc Global Res downgraded shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 30th. Glj Research upgraded shares of DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price target on the stock in a report on Thursday, July 10th. The Goldman Sachs Group downgraded shares of 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. HSBC downgraded shares of 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. Finally, Wall Street Zen raised shares of DAQO New Energy to a "sell" rating in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, DAQO New Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.22.

DAQO New Energy Stock Down 4.8%

The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -3.67 and a beta of 0.60. The business's fifty day moving average is $16.27 and its two-hundred day moving average is $17.14.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its holdings 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 valued at $31,000 after buying an additional 1,734 shares in the last quarter. CoreCommodity Management LLC boosted its stake in DAQO New Energy by 1.6% during the 4th quarter. CoreCommodity Management LLC now owns 134,888 shares of the semiconductor company's stock worth $2,622,000 after purchasing an additional 2,183 shares during the period. Diametric Capital LP boosted 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 purchasing an additional 3,255 shares during the period. Nuveen Asset Management LLC boosted its stake in DAQO New Energy by 16.7% during the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock worth $762,000 after purchasing an additional 5,600 shares during the period. Finally, American Century Companies Inc. boosted its stake in DAQO New Energy by 4.7% during the 1st quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company's stock worth $3,995,000 after purchasing an additional 9,885 shares during the period. Institutional investors and hedge funds 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.