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

Daqo New Energy Corp. (NYSE:DQ) shares gapped up before the market opened on Tuesday . The stock had previously closed at $19.60, but opened at $20.67. Daqo New Energy shares last traded at $19.79, with a volume of 214,480 shares trading hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Daqo New Energy to a “sell” rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Daqo New Energy presently has a consensus rating of “Buy” and an average target price of $22.26.

Daqo New Energy Stock Up 3.8 %

The firm has a market cap of $1.35 billion, a P/E ratio of -11.09 and a beta of 0.41. The business has a fifty day simple moving average of $19.64 and a 200-day simple moving average of $19.55.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings results on Thursday, February 27th. The semiconductor company reported ($2.71) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($2.02). Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. The business had revenue of $195.36 million during the quarter, compared to analysts’ expectations of $153.54 million. On average, sell-side analysts anticipate that Daqo New Energy Corp. will post -3.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. grew its holdings in Daqo New Energy by 67.5% during the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company’s stock valued at $17,237,000 after purchasing an additional 357,460 shares during the period. Point72 Europe London LLP bought a new position in shares of Daqo New Energy during the 4th quarter valued at approximately $3,742,000. Point72 Hong Kong Ltd purchased a new stake in Daqo New Energy in the 4th quarter worth approximately $3,287,000. Nuveen Asset Management LLC raised its stake in Daqo New Energy by 16.7% during the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company’s stock worth $762,000 after acquiring an additional 5,600 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new position in Daqo New Energy during the fourth quarter valued at approximately $3,732,000. Hedge funds and other institutional investors own 47.22% of the company’s stock.

Daqo New Energy Company Profile

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.