DAQO New Energy (NYSE:DQ) Trading 6.2% Higher - What's Next?

Key Points

• DAQO New Energy's stock price increased by 6.2%, trading as high as $22.80, despite a significant drop in trading volume by 72% compared to its average.
• Recent analyst reports show a mixed outlook for the company, with HSBC downgrading it to a "hold" with a price target of $14, while Citigroup and Glj Research issued "buy" ratings with targets of $27 and $30.51, respectively.
• Institutional investors have shown increased interest, with major firms like Goldman Sachs and Vanguard significantly increasing their stakes in DAQO New Energy during the past quarters.

DAQO New Energy Corp. (NYSE:DQ - Get Free Report)'s stock price rose 6.2% on Friday . The company traded as high as $22.80 and last traded at $22.58. Approximately 270,199 shares changed hands during trading, a decline of 72% from the average daily volume of 971,219 shares. The stock had previously closed at $21.26.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently 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 price target on the stock in a report on Thursday, July 10th. Wall Street Zen raised shares of DAQO New Energy to a "sell" rating in a report on Monday, April 21st. Citigroup assumed coverage on shares of DAQO New Energy in a report on Friday, July 18th. They issued a "buy" rating and a $27.00 price target on the stock. HSBC downgraded shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price target on the stock. in a report 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 report on Wednesday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $23.22.

DAQO New Energy Price Performance

The business's 50 day moving average is $19.19 and its two-hundred day moving average is $17.54. The firm has a market capitalization of $1.51 billion, a PE ratio of -3.47 and a beta of 0.48.

Institutional Investors Weigh In On DAQO New Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Marex Group plc purchased a new stake in DAQO New Energy in the second quarter valued at approximately $356,000. Headlands Technologies LLC purchased a new position in shares of DAQO New Energy during the second quarter worth approximately $29,000. Scoggin Management LP purchased a new position in shares of DAQO New Energy during the second quarter worth approximately $1,517,000. BNP Paribas Financial Markets raised its stake in shares of DAQO New Energy by 137.6% during the second quarter. BNP Paribas Financial Markets now owns 401,919 shares of the semiconductor company's stock worth $6,097,000 after acquiring an additional 232,759 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of DAQO New Energy by 267.0% during the second quarter. Bank of America Corp DE now owns 193,805 shares of the semiconductor company's stock worth $2,940,000 after acquiring an additional 141,004 shares in the last quarter. 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.