Daqo New Energy (NYSE:DQ) Trading 9.4% Higher – Still a Buy?

Daqo New Energy Corp. (NYSE:DQ)’s share price was up 9.4% during mid-day trading on Wednesday . The stock traded as high as $20.20 and last traded at $20.05. Approximately 304,508 shares were traded during trading, a decline of 74% from the average daily volume of 1,182,184 shares. The stock had previously closed at $18.32.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DQ. Nomura Securities upgraded Daqo New Energy to a “strong-buy” rating in a report on Wednesday, August 28th. HSBC raised shares of 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 note on Wednesday, October 30th. Daiwa America raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Finally, StockNews.com raised Daqo New Energy to a “sell” rating in a report on Monday, September 23rd. One 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 issued a strong buy rating to the stock. According to data from MarketBeat, Daqo New Energy currently has a consensus rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Trading Up 10.0 %

The firm has a market cap of $1.33 billion, a P/E ratio of -10.83 and a beta of 0.32. The business’s fifty day simple moving average is $20.26 and its 200-day simple moving average is $18.40.

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

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. lifted its holdings in Daqo New Energy by 12,187.5% during the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 1,950 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Daqo New Energy by 27.3% in the third quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock worth $57,000 after buying an additional 602 shares during the period. AXA S.A. lifted its position in shares of Daqo New Energy by 202.3% in the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock worth $93,000 after purchasing an additional 4,274 shares during the period. Rhumbline Advisers boosted its position in Daqo New Energy by 22.2% during the second quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock valued at $118,000 after purchasing an additional 1,470 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Daqo New Energy by 37.9% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,442 shares of the semiconductor company’s stock worth $211,000 after purchasing an additional 3,970 shares in the last quarter. 47.22% of the stock is owned by hedge funds and other institutional investors.

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.