DAQO New Energy (NYSE:DQ) Trading Up 7.9% - Still a Buy?

DAQO New Energy Corp. (NYSE:DQ - Get Free Report)'s share price was up 7.9% during trading on Thursday . The stock traded as high as $21.11 and last traded at $21.40. Approximately 353,802 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 1,038,338 shares. The stock had previously closed at $19.83.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on DQ shares. Glj Research raised DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 target price on the stock in a report on Thursday, July 10th. Hsbc Global Res cut DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. HSBC cut 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 cut DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price target for the company. in a research note on Tuesday, April 15th. Finally, Wall Street Zen upgraded DAQO New Energy to a "sell" rating in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.59.

DAQO New Energy Stock Up 5.5%

The business has a 50 day moving average of $15.26 and a 200 day moving average of $17.04. The company has a market capitalization of $1.40 billion, a P/E ratio of -3.21 and a beta of 0.60.

DAQO New Energy (NYSE:DQ - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $176.81 million. On average, research analysts anticipate that DAQO New Energy Corp. will post -3.5 EPS for the current year.

Institutional Investors Weigh In On DAQO New Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd increased 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 purchasing an additional 1,734 shares during the period. Virtu Financial LLC purchased a new position in DAQO New Energy during the 1st quarter worth $187,000. Vident Advisory LLC bought a new stake in DAQO New Energy during the 1st quarter valued at $216,000. Harvest Portfolios Group Inc. bought a new stake in DAQO New Energy during the 1st quarter valued at $305,000. Finally, Diametric Capital LP boosted 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 acquiring an additional 3,255 shares in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

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.

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