DAQO New Energy (NYSE:DQ) Trading 8.7% Higher – Time to Buy?

DAQO New Energy Corp. (NYSE:DQ) traded up 8.7% on Thursday . The company traded as high as $15.48 and last traded at $15.7240. 399,797 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 793,918 shares. The stock had previously closed at $14.46.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Roth Mkm set a $19.00 target price on DAQO New Energy in a research note on Thursday, April 30th. Zacks Research lowered DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Wall Street Zen lowered DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings upgraded DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, DAQO New Energy has an average rating of “Hold” and a consensus price target of $23.59.

DAQO New Energy Stock Performance

The stock has a market capitalization of $1.03 billion, a P/E ratio of -5.50 and a beta of 0.61. The firm has a 50-day moving average price of $19.25 and a 200 day moving average price of $24.13.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Wednesday, April 29th. The semiconductor company reported ($1.31) EPS for the quarter, missing the consensus estimate of ($0.13) by ($1.18). The firm had revenue of $26.72 million for the quarter, compared to the consensus estimate of $186.28 million. DAQO New Energy had a negative net margin of 32.92% and a negative return on equity of 3.19%. On average, equities analysts anticipate that DAQO New Energy Corp. will post -1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC purchased a new stake in DAQO New Energy during the 1st quarter valued at about $3,285,000. Himension Capital Singapore PTE. LTD. purchased a new stake in DAQO New Energy during the 1st quarter valued at about $521,000. Bank of New York Mellon Corp boosted its holdings in DAQO New Energy by 7.6% during the 1st quarter. Bank of New York Mellon Corp now owns 30,134 shares of the semiconductor company’s stock valued at $641,000 after acquiring an additional 2,122 shares during the period. Hsbc Holdings PLC boosted its holdings in DAQO New Energy by 65.9% during the 1st quarter. Hsbc Holdings PLC now owns 35,165 shares of the semiconductor company’s stock valued at $739,000 after acquiring an additional 13,970 shares during the period. Finally, Leonteq Securities AG boosted its holdings in DAQO New Energy by 420.2% during the 1st quarter. Leonteq Securities AG now owns 16,767 shares of the semiconductor company’s stock valued at $357,000 after acquiring an additional 13,544 shares during the period. 47.22% of the stock is currently owned by institutional investors.

About DAQO New Energy

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.