Daqo New Energy (NYSE:DQ) Shares Down 4.6% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s stock price traded down 4.6% on Friday . The stock traded as low as $18.32 and last traded at $18.32. 324,922 shares were traded during trading, a decline of 72% from the average session volume of 1,178,452 shares. The stock had previously closed at $19.21.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. HSBC raised shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Daiwa America raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. Hsbc Global Res raised Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 2nd. Daiwa Capital Markets raised Daqo New Energy from a “neutral” rating to an “outperform” rating in a research report on Wednesday, October 30th. Finally, Nomura Securities upgraded Daqo New Energy to a “strong-buy” rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Daqo New Energy presently has a consensus rating of “Buy” and an average target price of $22.26.

Daqo New Energy Price Performance

The stock has a fifty day moving average of $20.49 and a 200 day moving average of $18.41. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of -10.16 and a beta of 0.32.

Daqo New Energy (NYSE:DQ) last announced its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) EPS for the quarter, missing the consensus estimate 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 analyst estimates of $186.90 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. As a group, equities analysts expect that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Daqo New Energy

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

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.