DAQO New Energy (NYSE:DQ) Trading 6.7% Higher - Still a Buy?

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on DQ shares. 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 note on Tuesday, April 15th. Glj Research raised shares of DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 target price for the company in a report on Thursday. HSBC downgraded shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 price objective for the company. in a report on Wednesday, April 30th. Wall Street Zen raised shares of DAQO New Energy to a "sell" rating in a report on Monday, April 21st. Finally, Hsbc Global Res cut shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, DAQO New Energy has an average rating of "Moderate Buy" and an average price target of $22.59.

DAQO New Energy Price Performance

The stock has a market capitalization of $1.35 billion, a PE ratio of -3.10 and a beta of 0.60. The firm's 50 day simple moving average is $14.70 and its 200 day simple moving average is $17.02.

DAQO New Energy (NYSE:DQ - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported ($1.07) EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $176.81 million. Analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its position in 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 buying an additional 1,734 shares in the last quarter. CoreCommodity Management LLC increased its position in DAQO New Energy by 1.6% during the fourth quarter. CoreCommodity Management LLC now owns 134,888 shares of the semiconductor company's stock worth $2,622,000 after buying an additional 2,183 shares in the last quarter. Diametric Capital LP increased its position in 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 buying an additional 3,255 shares in the last quarter. Nuveen Asset Management LLC increased its position in DAQO New Energy by 16.7% during the fourth quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock worth $762,000 after buying an additional 5,600 shares in the last quarter. Finally, American Century Companies Inc. increased its position in DAQO New Energy by 4.7% during the first quarter. American Century Companies Inc. now owns 220,623 shares of the semiconductor company's stock worth $3,995,000 after buying an additional 9,885 shares in the last quarter. 47.22% of the stock is owned by hedge funds and other institutional investors.

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.