Daqo New Energy (NYSE:DQ) Shares Down 4.4% – Here’s What Happened

Shares of Daqo New Energy Corp. (NYSE:DQ) dropped 4.4% during mid-day trading on Monday . The stock traded as low as $17.21 and last traded at $17.58. Approximately 228,883 shares traded hands during trading, a decline of 80% from the average daily volume of 1,165,014 shares. The stock had previously closed at $18.39.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Roth Mkm lowered their price objective on Daqo New Energy from $23.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, August 28th. Nomura Securities upgraded shares of Daqo New Energy to a “strong-buy” rating in a research note on Wednesday, August 28th. Daiwa America upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. HSBC raised shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Daqo New Energy has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Stock Down 6.6 %

The company has a market cap of $1.13 billion, a PE ratio of -9.94 and a beta of 0.28. The company’s fifty day moving average is $20.73 and its 200-day moving average is $18.40.

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

Hedge Funds Weigh In On Daqo New Energy

A number of institutional investors have recently bought and sold shares of DQ. 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 lifted its stake in shares of Daqo New Energy by 27.3% during the 3rd quarter. Signaturefd LLC now owns 2,809 shares of the semiconductor company’s stock valued at $57,000 after buying an additional 602 shares in the last quarter. AXA S.A. boosted its holdings in 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 buying an additional 4,274 shares during the period. Rhumbline Advisers increased its stake in Daqo New Energy by 22.2% in the 2nd quarter. Rhumbline Advisers now owns 8,104 shares of the semiconductor company’s stock worth $118,000 after buying an additional 1,470 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Daqo New Energy by 15.4% during the third quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock valued at $214,000 after acquiring an additional 1,400 shares during the period. 47.22% of the stock is owned by 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.