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

DAQO New Energy Corp. (NYSE:DQ - Get Free Report)'s share price rose 6.7% during mid-day trading on Thursday . The company traded as high as $18.79 and last traded at $18.90. Approximately 1,129,162 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 1,001,963 shares. The stock had previously closed at $17.71.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on DQ. HSBC cut 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. The Goldman Sachs Group downgraded shares of DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 target price for the company. in a research report on Tuesday, April 15th. Wall Street Zen raised shares of DAQO New Energy to a "sell" rating in a research report on Monday, April 21st. Finally, Hsbc Global Res cut DAQO New Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, DAQO New Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.01.

DAQO New Energy Stock Up 7.0%

The business's 50 day simple moving average is $14.16 and its 200 day simple moving average is $16.97. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -2.91 and a beta of 0.60.

DAQO New Energy (NYSE:DQ - Get Free Report) last announced its quarterly 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. Equities research analysts forecast that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DAQO New Energy

Several hedge funds have recently added to or reduced their stakes in DQ. Caitong International Asset Management Co. Ltd raised its position in shares of DAQO New Energy by 86,700.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 1,734 shares during the period. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in DAQO New Energy during the fourth quarter worth approximately $52,000. Virtu Financial LLC bought a new stake in DAQO New Energy in the 1st quarter valued at $187,000. Vident Advisory LLC bought a new position in DAQO New Energy during the 1st quarter worth $216,000. Finally, Harvest Portfolios Group Inc. acquired a new stake in shares of DAQO New Energy during the first quarter worth $305,000. Institutional investors and hedge funds own 47.22% of the company's stock.

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.