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

Key Points

• DAQO New Energy shares gapped up to $23.95 at market opening, increasing from a previous close of $22.86, with a trading volume of 219,508 shares.
• Analysts have mixed opinions on the stock, with HSBC downgrading it to a "hold" with a $14.00 price target, while Citigroup and Glj Research issued "buy" ratings with targets of $27.00 and $30.51, respectively.
• Institutional investors hold 47.22% of DAQO's stock, with several hedge funds making significant new purchases in the recent quarters.

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $22.86, but opened at $23.95. DAQO New Energy shares last traded at $23.95, with a volume of 219,508 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Hsbc Global Res cut DAQO New Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 30th. HSBC cut DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price target for the company. in a report on Wednesday, April 30th. Citigroup assumed coverage on DAQO New Energy in a report on Friday, July 18th. They set a "buy" rating and a $27.00 price target for the company. Finally, Glj Research upgraded DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price target for the company in a report on Thursday, July 10th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $23.22.

DAQO New Energy Stock Performance

The stock has a fifty day moving average of $19.70 and a 200-day moving average of $17.61. The company has a market cap of $1.61 billion, a PE ratio of -3.70 and a beta of 0.48.

Hedge Funds Weigh In On DAQO New Energy

A number of large investors have recently bought and sold shares of DQ. Headlands Technologies LLC purchased a new position in DAQO New Energy during the 2nd quarter valued at $29,000. Caitong International Asset Management Co. Ltd boosted its holdings in DAQO New Energy by 86,700.0% during 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 acquiring an additional 1,734 shares during the period. Virtu Financial LLC purchased a new position in DAQO New Energy during the 1st quarter valued at $187,000. Vident Advisory LLC purchased a new position in DAQO New Energy during the 1st quarter valued at $216,000. Finally, Harvest Portfolios Group Inc. purchased a new position in DAQO New Energy during the 1st quarter valued at $305,000. Hedge funds and other 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.

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