Daqo New Energy (NYSE:DQ) Shares Up 3.5%

Daqo New Energy Corp. (NYSE:DQ) shot up 3.5% during mid-day trading on Tuesday . The company traded as high as $14.81 and last traded at $14.81. 131,298 shares traded hands during trading, a decline of 89% from the average session volume of 1,159,419 shares. The stock had previously closed at $14.31.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DQ. Daiwa Capital Markets reaffirmed an “underperform” rating and set a $25.00 target price on shares of Daqo New Energy in a research report on Friday, March 15th. Roth Mkm reiterated a “neutral” rating and issued a $23.00 price target on shares of Daqo New Energy in a research note on Tuesday, April 30th. Finally, HSBC reiterated a “reduce” rating and issued a $17.50 price target (down from $23.50) on shares of Daqo New Energy in a research note on Monday, May 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.63.

Daqo New Energy Stock Up 1.0 %

The stock has a market capitalization of $954.50 million, a price-to-earnings ratio of 6.72 and a beta of 0.28. The business has a 50-day simple moving average of $19.61 and a two-hundred day simple moving average of $21.92.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, April 29th. The semiconductor company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $415.31 million for the quarter, compared to analyst estimates of $491.90 million. During the same quarter last year, the company posted $3.52 EPS. On average, analysts forecast that Daqo New Energy Corp. will post 0.98 EPS for the current year.

Institutional Trading of Daqo New Energy

Hedge funds have recently modified their holdings of the business. Boston Partners purchased a new stake in shares of Daqo New Energy in the fourth quarter valued at $2,016,000. Mackenzie Financial Corp increased its stake in shares of Daqo New Energy by 23.8% in the fourth quarter. Mackenzie Financial Corp now owns 1,794,353 shares of the semiconductor company’s stock worth $47,730,000 after acquiring an additional 344,616 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Daqo New Energy in the fourth quarter worth $471,000. Franchise Capital Ltd acquired a new position in shares of Daqo New Energy in the fourth quarter worth $4,788,000. Finally, CoreCommodity Management LLC acquired a new position in shares of Daqo New Energy in the fourth quarter worth $2,291,000. Hedge funds and other 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.