DAQO New Energy (NYSE:DQ) Shares Gap Up – What’s Next?

Shares of DAQO New Energy Corp. (NYSE:DQ) gapped up before the market opened on Wednesday . The stock had previously closed at $23.37, but opened at $25.08. DAQO New Energy shares last traded at $23.9450, with a volume of 221,258 shares traded.

Wall Street Analysts Forecast Growth

DQ has been the subject of several research reports. Wall Street Zen upgraded shares of DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Roth Mkm set a $30.00 target price on DAQO New Energy and gave the stock a “neutral” rating in a report on Tuesday, October 28th. The Goldman Sachs Group set a $18.30 target price on shares of DAQO New Energy and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. New Street Research set a $18.13 price objective on DAQO New Energy in a research note on Tuesday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of DAQO New Energy in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, DAQO New Energy presently has a consensus rating of “Hold” and an average price target of $25.43.

DAQO New Energy Stock Performance

The company’s 50 day moving average price is $29.30 and its 200-day moving average price is $27.63. The company has a market cap of $1.56 billion, a PE ratio of -4.53 and a beta of 0.70.

Institutional Trading of DAQO New Energy

A number of institutional investors and hedge funds have recently modified their holdings of DQ. FengHe Fund Management Pte. Ltd. boosted its stake in DAQO New Energy by 62.4% in the 3rd quarter. FengHe Fund Management Pte. Ltd. now owns 469,833 shares of the semiconductor company’s stock worth $13,216,000 after purchasing an additional 180,457 shares in the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of DAQO New Energy in the third quarter valued at approximately $1,585,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of DAQO New Energy by 39.1% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,364 shares of the semiconductor company’s stock worth $476,000 after purchasing an additional 8,815 shares during the last quarter. Luminus Management LLC acquired a new position in DAQO New Energy in the 3rd quarter valued at $1,125,000. Finally, Polunin Capital Partners Ltd acquired a new stake in DAQO New Energy in the 3rd quarter valued at about $37,183,000. Institutional investors own 47.22% of the company’s stock.

DAQO New Energy Company Profile

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.