DAQO New Energy (NYSE:DQ) Shares Gap Up - Time to 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 $17.45, but opened at $19.27. DAQO New Energy shares last traded at $19.54, with a volume of 1,127,998 shares trading hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. The Goldman Sachs Group lowered 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 report on Tuesday, April 15th. Hsbc Global Res downgraded shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Wall Street Zen upgraded DAQO New Energy to a "sell" rating in a report on Monday, April 21st. Finally, HSBC cut DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 target price for the company. in a research note on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, DAQO New Energy currently has an average rating of "Moderate Buy" and an average target price of $21.01.

DAQO New Energy Stock Performance

The company has a 50 day simple moving average of $14.42 and a two-hundred day simple moving average of $16.99. The company has a market cap of $1.28 billion, a PE ratio of -2.92 and a beta of 0.60.

DAQO New Energy (NYSE:DQ - Get Free Report) last announced 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 net margin of 58.63% and a negative return on equity of 7.16%. The firm had revenue of $123.91 million during the quarter, compared to the consensus estimate of $176.81 million. As a group, analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its stake in shares of DAQO New Energy by 86,700.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 1,734 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of DAQO New Energy in the first quarter valued at $187,000. Vident Advisory LLC acquired a new position in shares of DAQO New Energy in the first quarter valued at $216,000. Harvest Portfolios Group Inc. acquired a new position in shares of DAQO New Energy in the first quarter valued at $305,000. Finally, Diametric Capital LP raised its stake 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 in the last quarter. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.