DAQO New Energy (NYSE:DQ) Shares Gap Up - Time to Buy?

Key Points

• DAQO New Energy shares gapped up from a previous close of $22.94 to open at $23.96 but last traded at $23.01, indicating volatility in the stock's performance.
• Analysts have mixed ratings on DAQO New Energy, with Citigroup and Glj Research issuing "buy" ratings and target prices of $27.00 and $30.51, respectively, while HSBC downgraded it to "hold" with a $14.00 target.
• The company reported a quarterly earnings miss with an EPS of ($1.07), falling short of analyst expectations, and has a consensus rating of "Moderate Buy" with a target price of $23.22.

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $22.94, but opened at $23.96. DAQO New Energy shares last traded at $23.01, with a volume of 658,037 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Glj Research raised shares of DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 target price for the company in a research note on Thursday, July 10th. Wall Street Zen raised shares of DAQO New Energy to a "sell" rating in a research note on Monday, April 21st. 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 for the company. in a research note on Tuesday, April 15th. HSBC lowered shares of 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. Finally, 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $23.22.

DAQO New Energy Stock Down 5.1%

The stock's 50-day moving average is $17.27 and its 200 day moving average is $17.24. The stock has a market capitalization of $1.39 billion, a PE ratio of -3.17 and a beta of 0.60.

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

Institutional Trading of DAQO New Energy

Large investors have recently modified their holdings of the company. Continental General Insurance Co. raised its stake in 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 valued at $108,048,000 after purchasing an additional 50,000 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of DAQO New Energy by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company's stock valued at $31,612,000 after buying an additional 26,359 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of DAQO New Energy by 117.2% in 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 buying an additional 625,900 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of DAQO New Energy by 67.5% in 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 buying an additional 357,460 shares in the last quarter. Finally, Prudential PLC raised its stake in shares of DAQO New Energy by 11.8% in the 1st quarter. Prudential PLC now owns 849,471 shares of the semiconductor company's stock valued at $15,384,000 after buying an additional 89,431 shares in the last quarter. 47.22% of the stock is owned by institutional investors.

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.