DAQO New Energy (NYSE:DQ) Shares Gap Up - Here's What Happened

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $15.13, but opened at $15.88. DAQO New Energy shares last traded at $15.03, with a volume of 311,704 shares traded.

Analysts Set New Price Targets

Several research firms have weighed in on DQ. Hsbc Global Res lowered shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. Wall Street Zen raised shares of DAQO New Energy to a "sell" rating in a report on Monday, April 21st. HSBC lowered shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price objective on the stock. in a research note on Wednesday, April 30th. Finally, The Goldman Sachs Group downgraded DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 target price for the company. in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $21.01.

DAQO New Energy Trading Up 2.0%

The company's 50-day moving average is $13.92 and its two-hundred day moving average is $16.99. The stock has a market capitalization of $1.03 billion, a P/E ratio of -2.37 and a beta of 0.60.

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

Institutional Investors Weigh In On DAQO New Energy

Institutional investors have recently bought and sold shares of the stock. Continental General Insurance Co. raised its position in shares of DAQO New Energy by 0.8% during the 1st quarter. Continental General Insurance Co. now owns 5,966,202 shares of the semiconductor company's stock worth $108,048,000 after buying an additional 50,000 shares in the last quarter. Greenwoods Asset Management Hong Kong Ltd. lifted its position in DAQO New Energy by 5,286.6% in the fourth quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 2,714,780 shares of the semiconductor company's stock worth $52,775,000 after purchasing an additional 2,664,381 shares during the period. Vanguard Group Inc. lifted its position in DAQO New Energy by 1.5% in the first quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company's stock worth $31,612,000 after purchasing an additional 26,359 shares during the period. Goldman Sachs Group Inc. boosted its stake in DAQO New Energy by 117.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company's stock valued at $21,005,000 after purchasing an additional 625,900 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in DAQO New Energy by 67.5% during the 4th quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company's stock valued at $17,237,000 after purchasing an additional 357,460 shares in the last quarter. 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.

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