Daqo New Energy (NYSE:DQ) Shares Up 9.9% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ) shares shot up 9.9% during trading on Wednesday . The stock traded as high as $22.48 and last traded at $22.50. 378,533 shares were traded during mid-day trading, a decline of 51% from the average session volume of 774,388 shares. The stock had previously closed at $20.47.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on DQ shares. Daiwa Capital Markets upgraded Daqo New Energy from a “neutral” rating to an “outperform” rating in a research report on Wednesday, October 30th. Daiwa America raised Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Daqo New Energy currently has a consensus rating of “Buy” and an average target price of $22.26.

Daqo New Energy Stock Up 10.2 %

The firm has a market cap of $1.49 billion, a PE ratio of -12.19 and a beta of 0.25. The stock has a 50 day moving average price of $19.58 and a two-hundred day moving average price of $19.10.

Hedge Funds Weigh In On Daqo New Energy

A number of large investors have recently added to or reduced their stakes in the stock. Generali Investments CEE investicni spolecnost a.s. acquired a new position in Daqo New Energy during the fourth quarter worth about $52,000. Signaturefd LLC boosted its stake in shares of Daqo New Energy by 27.3% in the third quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after purchasing an additional 602 shares during the period. Blue Trust Inc. increased its stake in shares of Daqo New Energy by 132.3% during the third quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock worth $93,000 after buying an additional 2,601 shares during the period. Daiwa Securities Group Inc. increased its holdings in Daqo New Energy by 15.4% in the third quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock valued at $214,000 after buying an additional 1,400 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in Daqo New Energy by 66.1% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,000 shares of the semiconductor company’s stock valued at $285,000 after purchasing an additional 5,570 shares in the last quarter. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.