Daqo New Energy (NYSE:DQ) Shares Gap Up to $19.11

Shares of Daqo New Energy Corp. (NYSE:DQ) gapped up before the market opened on Wednesday . The stock had previously closed at $19.11, but opened at $20.22. Daqo New Energy shares last traded at $21.20, with a volume of 489,608 shares traded.

Analysts Set New Price Targets

DQ has been the subject of several recent research reports. Roth Mkm restated a “neutral” rating and issued a $23.00 price target on shares of Daqo New Energy in a research report on Tuesday, April 30th. HSBC restated a “reduce” rating and issued a $17.50 price objective (down from $23.50) on shares of Daqo New Energy in a report on Monday, May 6th. Finally, Daiwa Capital Markets reaffirmed an “underperform” rating and set a $25.00 target price on shares of Daqo New Energy in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $27.63.

Daqo New Energy Trading Down 9.7 %

The stock’s 50-day moving average price is $23.12 and its 200-day moving average price is $23.10. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 9.49 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last released its earnings results on Monday, April 29th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.32). Daqo New Energy had a net margin of 7.84% and a return on equity of 2.46%. The firm had revenue of $415.31 million during the quarter, compared to analyst estimates of $491.90 million. During the same quarter in the previous year, the firm earned $3.52 EPS. As a group, analysts predict that Daqo New Energy Corp. will post 0.98 earnings per share for the current year.

Institutional Investors Weigh In On Daqo New Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Boston Partners acquired a new position in Daqo New Energy in the fourth quarter valued at approximately $2,016,000. Mackenzie Financial Corp lifted its position in shares of Daqo New Energy by 23.8% during the 4th quarter. Mackenzie Financial Corp now owns 1,794,353 shares of the semiconductor company’s stock valued at $47,730,000 after acquiring an additional 344,616 shares during the period. Invesco Ltd. boosted its stake in Daqo New Energy by 6.9% during the third quarter. Invesco Ltd. now owns 1,658,153 shares of the semiconductor company’s stock worth $50,192,000 after acquiring an additional 107,235 shares in the last quarter. Andra AP fonden grew its holdings in Daqo New Energy by 48.1% in the third quarter. Andra AP fonden now owns 133,700 shares of the semiconductor company’s stock worth $4,047,000 after purchasing an additional 43,400 shares during the period. Finally, CoreCommodity Management LLC bought a new stake in Daqo New Energy in the fourth quarter valued at $2,291,000. 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.