Daqo New Energy (NYSE:DQ) Shares Gap Down – Here’s Why

Shares of Daqo New Energy Corp. (NYSE:DQ) gapped down before the market opened on Thursday . The stock had previously closed at $19.20, but opened at $18.60. Daqo New Energy shares last traded at $19.22, with a volume of 247,187 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on DQ shares. StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Hsbc Global Res upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 2nd. HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Daiwa Capital Markets raised shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a research report on Wednesday, October 30th. Finally, Nomura Securities raised shares of Daqo New Energy to a “strong-buy” rating in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $22.26.

Daqo New Energy Stock Performance

The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -10.43 and a beta of 0.28. The company has a fifty day simple moving average of $20.30 and a two-hundred day simple moving average of $18.20.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share for the quarter, missing the consensus estimate of ($0.80) by ($0.12). 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 $198.50 million for the quarter, compared to the consensus estimate of $186.90 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. As a group, equities analysts anticipate that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Signaturefd LLC increased its position in Daqo New Energy by 27.3% in the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after acquiring an additional 602 shares during the period. Blue Trust Inc. increased its stake in shares of Daqo New Energy by 132.3% in the 3rd quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock valued at $93,000 after acquiring an additional 2,601 shares in the last quarter. AXA S.A. raised its holdings in shares of Daqo New Energy by 202.3% during the second quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after purchasing an additional 4,274 shares during the period. Rhumbline Advisers boosted its holdings in Daqo New Energy by 22.2% in the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after acquiring an additional 1,470 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Daqo New Energy by 15.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock worth $214,000 after purchasing an additional 1,400 shares in the last quarter. 47.22% of the stock is currently owned by institutional investors.

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.