Daqo New Energy (NYSE:DQ) Trading Up 7.3% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s share price shot up 7.3% on Thursday . The stock traded as high as $19.58 and last traded at $19.67. 430,604 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 651,122 shares. The stock had previously closed at $18.33.

Analyst Ratings Changes

DQ has been the topic of a number of research analyst reports. Daiwa Capital Markets raised Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Trading Up 9.8 %

The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -11.70 and a beta of 0.25. The stock has a 50-day moving average of $18.99 and a 200-day moving average of $18.68.

Institutional Trading of Daqo New Energy

Several hedge funds have recently bought and sold shares of DQ. Generali Investments CEE investicni spolecnost a.s. bought a new stake in shares of Daqo New Energy during the fourth quarter valued at approximately $52,000. Signaturefd LLC raised its stake in 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 acquiring an additional 602 shares in the last quarter. Blue Trust Inc. boosted its position in Daqo New Energy by 132.3% during the 3rd quarter. Blue Trust Inc. now owns 4,567 shares of the semiconductor company’s stock worth $93,000 after acquiring an additional 2,601 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Daqo New Energy by 15.4% in the third quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock worth $214,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Daqo New Energy by 66.1% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,000 shares of the semiconductor company’s stock valued at $285,000 after purchasing an additional 5,570 shares during the period. 47.22% of the stock is currently owned by institutional investors.

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.