Daqo New Energy (NYSE:DQ) Shares Gap Up to $19.11

Daqo New Energy Corp. (NYSE:DQ - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $19.11, but opened at $20.22. Daqo New Energy shares last traded at $21.20, with a volume of 489,608 shares.

Wall Street Analysts Forecast Growth

DQ has been the subject of several research reports. Roth Mkm restated a "neutral" rating and issued a $23.00 price target on shares of Daqo New Energy in a research note on Tuesday, April 30th. HSBC reiterated a "reduce" rating and issued a $17.50 price objective (down previously from $23.50) on shares of Daqo New Energy in a research note on Monday, May 6th. Finally, Daiwa Capital Markets reiterated an "underperform" rating and issued a $25.00 price objective on shares of Daqo New Energy in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $27.63.

Daqo New Energy Trading Up 17.1 %

The company has a market cap of $1.48 billion, a price-to-earnings ratio of 10.51 and a beta of 0.32. The firm's fifty day simple moving average is $23.26 and its 200 day simple moving average is $23.12.

Daqo New Energy (NYSE:DQ - Get Free Report) last posted its quarterly earnings results on Monday, April 29th. The semiconductor company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.32). Daqo New Energy had a return on equity of 2.46% and a net margin of 7.84%. The firm had revenue of $415.31 million for the quarter, compared to analyst estimates of $491.90 million. During the same quarter last year, the firm earned $3.52 EPS. As a group, sell-side analysts expect that Daqo New Energy Corp. will post 0.98 EPS for the current year.

Institutional Trading of Daqo New Energy

Several institutional investors have recently modified their holdings of DQ. PNC Financial Services Group Inc. raised its position in Daqo New Energy by 117.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company's stock valued at $42,000 after purchasing an additional 858 shares during the last quarter. Quadrant Capital Group LLC raised its position in Daqo New Energy by 39.4% in the 4th quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company's stock valued at $62,000 after purchasing an additional 664 shares during the last quarter. Signaturefd LLC raised its position in Daqo New Energy by 112.4% in the 4th quarter. Signaturefd LLC now owns 6,839 shares of the semiconductor company's stock valued at $182,000 after purchasing an additional 3,619 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in Daqo New Energy in the 1st quarter valued at $256,000. Finally, Capstone Investment Advisors LLC purchased a new stake in Daqo New Energy in the 1st quarter valued at $264,000. Hedge funds and other institutional investors 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.