DAQO New Energy (NYSE:DQ) Shares Up 6.7% - Should You Buy?

Shares of DAQO New Energy Corp. (NYSE:DQ - Get Free Report) traded up 6.7% during trading on Thursday . The stock traded as high as $20.39 and last traded at $20.17. 679,870 shares changed hands during trading, a decline of 23% from the average session volume of 886,380 shares. The stock had previously closed at $18.91.

Wall Street Analysts Forecast Growth

Several analysts have recently commented 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 research report on Thursday. 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. The Goldman Sachs Group lowered shares of 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. HSBC lowered 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 research report on Wednesday, April 30th. Finally, Wall Street Zen raised shares of DAQO New Energy to a "sell" rating in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $22.59.

DAQO New Energy Stock Up 0.4%

The company has a market cap of $1.35 billion, a PE ratio of -3.10 and a beta of 0.60. The business has a 50-day simple moving average of $14.84 and a 200-day simple moving average of $16.99.

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

Institutional Trading of DAQO New Energy

A number of large investors have recently modified their holdings of DQ. Caitong International Asset Management Co. Ltd increased its position in shares of DAQO New Energy by 86,700.0% during the first 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 stake in shares of DAQO New Energy during the first quarter worth $187,000. Vident Advisory LLC purchased a new stake in shares of DAQO New Energy during the first quarter worth $216,000. Harvest Portfolios Group Inc. purchased a new stake in shares of DAQO New Energy during the first quarter worth $305,000. Finally, Diametric Capital LP increased its position in shares of DAQO New Energy by 25.5% during the fourth quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company's stock worth $311,000 after acquiring an additional 3,255 shares during the period. Hedge funds and other 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.