DAQO New Energy (NYSE:DQ) Shares Up 8% - Here's What Happened

Shares of DAQO New Energy Corp. (NYSE:DQ - Get Free Report) traded up 8% during trading on Thursday . The stock traded as high as $24.70 and last traded at $25.05. 512,550 shares were traded during mid-day trading, a decline of 47% from the average session volume of 960,773 shares. The stock had previously closed at $23.19.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wall Street Zen upgraded DAQO New Energy to a "sell" rating in a research report on Monday, April 21st. HSBC cut DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price objective on the stock. in a research note on Wednesday, April 30th. Citigroup initiated coverage on DAQO New Energy in a research report on Friday, July 18th. They set a "buy" rating and a $27.00 target price on the stock. The Goldman Sachs Group cut DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price target on the stock. in a research report on Tuesday, April 15th. Finally, Hsbc Global Res lowered shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, four have issued 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, DAQO New Energy has an average rating of "Moderate Buy" and a consensus target price of $23.22.

DAQO New Energy Trading Down 1.4%

The business has a 50 day moving average price of $16.62 and a 200 day moving average price of $17.13. The company has a market capitalization of $1.54 billion, a P/E ratio of -3.53 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) earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $176.81 million. On average, analysts forecast that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

Institutional Trading of DAQO New Energy

Several institutional investors have recently made changes to their positions in DQ. Continental General Insurance Co. boosted its holdings in DAQO New Energy by 5.8% in the 4th quarter. Continental General Insurance Co. now owns 5,916,202 shares of the semiconductor company's stock worth $115,011,000 after buying an additional 322,084 shares during the period. Northern Trust Corp grew its position in DAQO New Energy by 27.2% during the fourth quarter. Northern Trust Corp now owns 119,786 shares of the semiconductor company's stock worth $2,329,000 after buying an additional 25,647 shares in the last quarter. Prudential PLC bought a new stake in shares of DAQO New Energy during the 4th quarter valued at about $14,775,000. Barclays PLC boosted its position in shares of DAQO New Energy by 587.8% during the 4th quarter. Barclays PLC now owns 80,750 shares of the semiconductor company's stock valued at $1,570,000 after acquiring an additional 69,010 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its position in DAQO New Energy by 381.6% during the fourth quarter. Hsbc Holdings PLC now owns 81,576 shares of the semiconductor company's stock valued at $1,586,000 after purchasing an additional 64,639 shares during the last quarter. Institutional investors own 47.22% of the company's stock.

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.