DAQO New Energy (NYSE:DQ) Trading Down 4% - What's Next?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. HSBC downgraded DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 target price on the stock. in a research note on Wednesday, April 30th. Wall Street Zen upgraded shares of DAQO New Energy to a "sell" rating in a research report on Monday, April 21st. The Goldman Sachs Group lowered 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. Finally, Hsbc Global Res downgraded shares of DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, DAQO New Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $21.01.

DAQO New Energy Price Performance

The company has a market cap of $1.28 billion, a PE ratio of -2.94 and a beta of 0.60. The business's 50 day moving average is $14.42 and its 200-day moving average is $16.99.

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

Hedge Funds Weigh In On DAQO New Energy

Several hedge funds have recently made changes to their positions in DQ. 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 acquiring an additional 1,734 shares during the period. Virtu Financial LLC bought a new stake in DAQO New Energy during the 1st quarter worth about $187,000. Vident Advisory LLC bought a new stake in DAQO New Energy during the 1st quarter worth about $216,000. Harvest Portfolios Group Inc. bought a new stake in DAQO New Energy during the 1st quarter worth about $305,000. Finally, Diametric Capital LP lifted its position 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 purchasing an additional 3,255 shares during the period. 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.

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