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

Daqo New Energy Corp. (NYSE:DQ)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $19.06, but opened at $18.66. Daqo New Energy shares last traded at $19.43, with a volume of 67,726 shares.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Daqo New Energy to a “sell” rating in a report on Monday, March 3rd. 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 stock. According to data from MarketBeat, Daqo New Energy presently has an average rating of “Buy” and a consensus target price of $22.26.

Daqo New Energy Stock Performance

The firm has a market cap of $1.32 billion, a P/E ratio of -10.76 and a beta of 0.41. The firm has a fifty day moving average of $19.71 and a 200-day moving average of $19.47.

Daqo New Energy (NYSE:DQ) last announced its earnings results on Thursday, February 27th. The semiconductor company reported ($2.71) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($2.02). The business had revenue of $195.36 million for the quarter, compared to the consensus estimate of $153.54 million. Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. Equities research analysts expect that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Hedge Funds Weigh In On Daqo New Energy

A number of hedge funds have recently modified their holdings of DQ. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of Daqo New Energy in the 4th quarter worth $52,000. Daiwa Securities Group Inc. grew 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 acquiring an additional 1,400 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Daqo New Energy by 66.1% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,000 shares of the semiconductor company’s stock worth $285,000 after acquiring an additional 5,570 shares during the last quarter. Diametric Capital LP grew its holdings in shares of Daqo New Energy by 25.5% during the fourth quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company’s stock valued at $311,000 after buying an additional 3,255 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Daqo New Energy by 7.6% during the fourth quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company’s stock valued at $390,000 after buying an additional 1,410 shares in the last quarter. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.