Daqo New Energy (NYSE:DQ) Shares Down 4.4% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s share price fell 4.4% during trading on Monday . The stock traded as low as $17.21 and last traded at $17.58. 228,883 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,165,014 shares. The stock had previously closed at $18.39.

Wall Street Analyst Weigh In

DQ has been the subject of several recent research reports. Daiwa Capital Markets upgraded Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. Roth Mkm reduced their target price on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, August 28th. StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Finally, Daiwa America raised Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Stock Up 4.4 %

The firm’s 50-day moving average price is $20.49 and its 200-day moving average price is $18.33. The company has a market cap of $1.19 billion, a P/E ratio of -9.71 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.12). The company had revenue of $198.50 million for the quarter, compared to analysts’ expectations of $186.90 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. During the same period last year, the company posted ($0.09) EPS. As a group, analysts forecast that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Trading of Daqo New Energy

A number of large investors have recently modified their holdings of DQ. Point72 Asset Management L.P. purchased a new position in Daqo New Energy in the second quarter worth $11,080,000. Sylebra Capital LLC boosted its stake in Daqo New Energy by 103.9% in the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock worth $13,778,000 after buying an additional 480,980 shares in the last quarter. Ariose Capital Management Ltd raised its stake in shares of Daqo New Energy by 23.9% during the second quarter. Ariose Capital Management Ltd now owns 1,181,124 shares of the semiconductor company’s stock worth $17,244,000 after acquiring an additional 228,200 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Daqo New Energy by 112.3% during the 2nd quarter. Marshall Wace LLP now owns 322,635 shares of the semiconductor company’s stock valued at $4,710,000 after purchasing an additional 170,660 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in Daqo New Energy by 6.4% in the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock worth $36,456,000 after purchasing an additional 149,610 shares during the period. Institutional investors own 47.22% of the company’s stock.

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.