DAQO New Energy (NYSE:DQ) Stock Price Up 6.7% - Still a Buy?

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Hsbc Global Res downgraded DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. Wall Street Zen raised 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 report on Wednesday, April 30th. Finally, The Goldman Sachs Group cut DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price objective on the stock. in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $21.01.

DAQO New Energy Stock Performance

The stock has a fifty day moving average of $14.24 and a 200 day moving average of $16.98. The company has a market capitalization of $1.27 billion, a PE ratio of -2.91 and a beta of 0.60.

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 analysts' consensus estimates of ($1.02) by ($0.05). The business had revenue of $123.91 million during the quarter, compared to analysts' expectations of $176.81 million. DAQO New Energy had a negative return on equity of 7.16% and a negative net margin of 58.63%. As a group, equities analysts predict that DAQO New Energy Corp. will post -3.5 EPS for the current year.

Institutional Trading of DAQO New Energy

Several hedge funds have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd raised its holdings in shares of DAQO New Energy by 86,700.0% during the 1st 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 in the last quarter. CoreCommodity Management LLC raised its holdings in DAQO New Energy by 1.6% during the 4th quarter. CoreCommodity Management LLC now owns 134,888 shares of the semiconductor company's stock valued at $2,622,000 after buying an additional 2,183 shares during the period. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in DAQO New Energy during the 4th quarter valued at $52,000. Diametric Capital LP raised its holdings in DAQO New Energy by 25.5% during the 4th quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company's stock valued at $311,000 after buying an additional 3,255 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in DAQO New Energy by 16.7% during the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock valued at $762,000 after buying an additional 5,600 shares during the period. 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.