DAQO New Energy Corp. (NYSE:DQ) Stock Rated “Reduce” by Wall Street Analysts

Shares of DAQO New Energy Corp. (NYSE:DQ) have received a consensus rating of “Reduce” from the five research firms that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $13.73.

Several equities research analysts have recently issued reports on DQ shares. Roth Capital set a $12.00 price objective on shares of DAQO New Energy in a research report on Wednesday. Weiss Ratings cut DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, October 19th. New Street Research set a $10.00 price objective on shares of DAQO New Energy in a research note on Monday, August 24th. Zacks Research raised shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. Finally, The Goldman Sachs Group cut shares of DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price objective on the stock. in a research report on Monday, August 24th.

DAQO New Energy Stock Performance

Shares of NYSE:DQ opened at $10.80 on Friday. The stock has a market cap of $730.79 million, a PE ratio of -3.18 and a beta of 0.67. The business’s fifty day moving average price is $11.63 and its two-hundred day moving average price is $17.10. DAQO New Energy has a one year low of $9.89 and a one year high of $36.59.

DAQO New Energy (NYSE:DQ) last released its quarterly earnings results on Tuesday, October 27th. The semiconductor company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.30). DAQO New Energy had a negative return on equity of 3.90% and a negative net margin of 45.46%. The firm had revenue of $194.15 million for the quarter, compared to analyst estimates of $61.90 million. During the same period in the prior year, the business earned ($0.22) earnings per share. As a group, equities research analysts predict that DAQO New Energy will post -1.96 earnings per share for the current fiscal year.

Institutional Trading of DAQO New Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DQ. Banque Cantonale Vaudoise raised its stake in DAQO New Energy by 37.5% during the first quarter. Banque Cantonale Vaudoise now owns 2,579 shares of the semiconductor company’s stock valued at $55,000 after purchasing an additional 703 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in shares of DAQO New Energy during the fourth quarter valued at $49,000. Nykredit A S purchased a new stake in DAQO New Energy in the 2nd quarter valued at about $28,000. Bank of New York Mellon Corp grew its stake in DAQO New Energy by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 30,134 shares of the semiconductor company’s stock worth $641,000 after purchasing an additional 2,122 shares in the last quarter. Finally, Leonteq Securities AG grew its position in shares of DAQO New Energy by 420.2% during the 1st quarter. Leonteq Securities AG now owns 16,767 shares of the semiconductor company’s stock worth $357,000 after buying an additional 13,544 shares in the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

DAQO New Energy Company Profile

Daqo New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce solar photovoltaic wafers, cells and modules. Through its operating subsidiaries, the company produces polysilicon in grades used primarily for monocrystalline and multicrystalline solar applications.

The company’s production operations are located in China, including facilities in Xinjiang. Its products are supplied to manufacturers in the solar photovoltaic industry, primarily within China’s extensive solar manufacturing supply chain, with the company serving customers in other markets through industry sales and distribution relationships.

Daqo New Energy was founded in 2007 and completed its initial public offering on the New York Stock Exchange in 2010.