DAQO New Energy (NYSE:DQ) Trading Down 4% - Here's Why

DAQO New Energy Corp. (NYSE:DQ - Get Free Report) dropped 4% during mid-day trading on Wednesday . The company traded as low as $18.12 and last traded at $18.55. Approximately 244,137 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 1,017,779 shares. The stock had previously closed at $19.32.

Wall Street Analysts Forecast Growth

DQ has been the subject of several recent research reports. 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 cut shares of DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 target price for the company. in a report on Wednesday, April 30th. The Goldman Sachs Group cut 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 report on Tuesday, April 15th. Wall Street Zen upgraded shares of DAQO New Energy to a "sell" rating in a research report on Monday, April 21st. Finally, 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, DAQO New Energy presently has an average rating of "Moderate Buy" and an average price target of $22.59.

DAQO New Energy Price Performance

The business's 50 day simple moving average is $14.84 and its 200 day simple moving average is $17.03. The company has a market capitalization of $1.35 billion, a PE ratio of -3.10 and a beta of 0.60.

DAQO New Energy (NYSE:DQ - Get Free Report) last released its quarterly 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 company 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, analysts anticipate that DAQO New Energy Corp. will post -3.5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DQ. Caitong International Asset Management Co. Ltd grew its holdings in 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. Virtu Financial LLC acquired a new position in DAQO New Energy during the 1st quarter worth approximately $187,000. Vident Advisory LLC acquired a new position in DAQO New Energy during the 1st quarter worth approximately $216,000. Harvest Portfolios Group Inc. acquired a new position in DAQO New Energy during the 1st quarter worth approximately $305,000. Finally, Diametric Capital LP grew 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 worth $311,000 after acquiring an additional 3,255 shares in the last quarter. Institutional investors and hedge funds 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.