Daqo New Energy (NYSE:DQ) Stock Price Down 6% – Here’s Why

Daqo New Energy Corp. (NYSE:DQ) was down 6% during trading on Wednesday . The company traded as low as $17.03 and last traded at $17.09. Approximately 172,380 shares changed hands during trading, a decline of 75% from the average daily volume of 678,719 shares. The stock had previously closed at $18.19.

Wall Street Analysts Forecast Growth

DQ has been the subject of a number of research analyst reports. HSBC raised shares of Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Daiwa America upgraded shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Daiwa Capital Markets upgraded shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. Finally, Hsbc Global Res raised Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Daqo New Energy presently has a consensus rating of “Buy” and a consensus target price of $22.26.

Daqo New Energy Stock Up 2.7 %

The company has a market cap of $1.19 billion, a price-to-earnings ratio of -9.78 and a beta of 0.26. The business has a 50-day simple moving average of $19.20 and a two-hundred day simple moving average of $18.51.

Daqo New Energy (NYSE:DQ) last announced its 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). Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. The company had revenue of $198.50 million for the quarter, compared to the consensus estimate of $186.90 million. During the same period in the previous year, the company earned ($0.09) EPS. As a group, equities analysts anticipate that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Investors Weigh In On Daqo New Energy

Several hedge funds have recently modified their holdings of DQ. Ariose Capital Management Ltd increased its stake in Daqo New Energy by 27.5% during the fourth quarter. Ariose Capital Management Ltd now owns 1,505,709 shares of the semiconductor company’s stock valued at $29,271,000 after acquiring an additional 324,585 shares during the period. Geode Capital Management LLC increased its position in shares of Daqo New Energy by 9.2% during the third quarter. Geode Capital Management LLC now owns 33,546 shares of the semiconductor company’s stock valued at $683,000 after purchasing an additional 2,813 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Daqo New Energy in the third quarter valued at $1,053,000. Wellington Management Group LLP lifted its position in Daqo New Energy by 26.0% in the third quarter. Wellington Management Group LLP now owns 128,422 shares of the semiconductor company’s stock worth $2,616,000 after purchasing an additional 26,462 shares during the period. Finally, Wexford Capital LP boosted its stake in Daqo New Energy by 395.7% during the third quarter. Wexford Capital LP now owns 164,809 shares of the semiconductor company’s stock worth $3,357,000 after buying an additional 131,564 shares in the last quarter. 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.