Daqo New Energy (NYSE:DQ) Shares Gap Up – Here’s Why

Shares of Daqo New Energy Corp. (NYSE:DQ) gapped up prior to trading on Tuesday . The stock had previously closed at $19.60, but opened at $20.67. Daqo New Energy shares last traded at $19.79, with a volume of 214,480 shares traded.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Daqo New Energy to a “sell” rating in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, Daqo New Energy presently has an average rating of “Buy” and a consensus target price of $22.26.

Daqo New Energy Stock Up 0.1 %

The firm has a market cap of $1.29 billion, a P/E ratio of -10.63 and a beta of 0.41. The company has a fifty day simple moving average of $19.68 and a 200-day simple moving average of $19.50.

Daqo New Energy (NYSE:DQ) last posted its earnings results on Thursday, February 27th. The semiconductor company reported ($2.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($2.02). The firm had revenue of $195.36 million during the quarter, compared to analysts’ expectations of $153.54 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. As a group, research analysts forecast that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. boosted its position in Daqo New Energy by 67.5% during the 4th quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company’s stock valued at $17,237,000 after acquiring an additional 357,460 shares in the last quarter. Point72 Europe London LLP bought a new stake in Daqo New Energy during the 4th quarter valued at $3,742,000. Point72 Hong Kong Ltd bought a new stake in Daqo New Energy during the 4th quarter valued at $3,287,000. Nuveen Asset Management LLC boosted its position in Daqo New Energy by 16.7% during the 4th quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company’s stock valued at $762,000 after acquiring an additional 5,600 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of Daqo New Energy in the 4th quarter worth $3,732,000. 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.