DAQO New Energy (NYSE:DQ) Stock Crosses Above 200 Day Moving Average - Here's Why

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $17.15 and traded as high as $24.54. DAQO New Energy shares last traded at $23.29, with a volume of 1,649,051 shares.

Analyst Ratings Changes

DQ has been the subject of several research analyst reports. 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 downgraded shares of DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price target for the company. in a research note on Tuesday, April 15th. Citigroup initiated coverage on shares of DAQO New Energy in a research note on Friday, July 18th. They set a "buy" rating and a $27.00 price target for the company. HSBC downgraded shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price target for the company. in a research note on Wednesday, April 30th. Finally, 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $23.22.

DAQO New Energy Stock Performance

The firm's 50 day moving average price is $16.44 and its 200-day moving average price is $17.15. The firm has a market capitalization of $1.56 billion, a PE ratio of -3.58 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 (EPS) for the quarter, missing analysts' consensus estimates of ($1.02) by ($0.05). The company had revenue of $123.91 million during the quarter, compared to analyst estimates of $176.81 million. DAQO New Energy had a negative net margin of 58.63% and a negative return on equity of 7.16%. On average, equities research 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 institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd raised its holdings in shares of 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 worth $31,000 after acquiring an additional 1,734 shares during the period. Virtu Financial LLC purchased a new position in shares of DAQO New Energy during the 1st quarter worth $187,000. Vident Advisory LLC purchased a new position in shares of DAQO New Energy during the 1st quarter worth $216,000. Harvest Portfolios Group Inc. purchased a new stake in shares of DAQO New Energy during the 1st quarter valued at approximately $305,000. Finally, Diametric Capital LP raised its position in shares of DAQO New Energy by 25.5% during the 4th quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company's stock valued at $311,000 after buying an additional 3,255 shares during the period. 47.22% of the stock is owned by hedge funds and other 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.

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