DAQO New Energy (NYSE:DQ) Shares Gap Up - Still a Buy?

DAQO New Energy Corp. (NYSE:DQ - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $21.06, but opened at $22.24. DAQO New Energy shares last traded at $23.23, with a volume of 977,503 shares changing hands.

Analyst Ratings Changes

DQ has been the topic of a number of recent analyst reports. 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 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 target price on the stock in a report on Thursday, July 10th. Hsbc Global Res downgraded 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 upgraded shares of DAQO New Energy to a "sell" rating in a research note on Monday, April 21st. Finally, Citigroup initiated coverage on DAQO New Energy in a research report on Friday, July 18th. They set a "buy" rating and a $27.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and two have assigned 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 Price Performance

The stock has a market capitalization of $1.56 billion, a P/E ratio of -3.57 and a beta of 0.60. The firm has a 50 day moving average of $16.27 and a 200-day moving average of $17.14.

DAQO New Energy (NYSE:DQ - Get Free Report) last announced its 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 business had revenue of $123.91 million for the quarter, compared to the consensus estimate of $176.81 million. As a group, equities analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current year.

Hedge Funds Weigh In On DAQO New Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd increased its position in shares of DAQO New Energy by 86,700.0% during the first 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 bought a new stake in DAQO New Energy in the 1st quarter valued at approximately $187,000. Vident Advisory LLC bought a new position in shares of DAQO New Energy during the 1st quarter worth approximately $216,000. Harvest Portfolios Group Inc. acquired a new stake in DAQO New Energy in the 1st quarter valued at about $305,000. Finally, Diametric Capital LP increased its holdings in shares of DAQO New Energy by 25.5% in the fourth 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 during 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.