Daqo New Energy (NYSE:DQ) Trading Up 5.6% – Here’s What Happened

Shares of Daqo New Energy Corp. (NYSE:DQ) were up 5.6% during trading on Wednesday . The company traded as high as $20.77 and last traded at $20.87. Approximately 311,103 shares traded hands during trading, a decline of 70% from the average daily volume of 1,026,651 shares. The stock had previously closed at $19.77.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Daqo New Energy to a “sell” rating in a report on Tuesday. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Daqo New Energy currently has an average rating of “Buy” and an average price target of $22.26.

Daqo New Energy Price Performance

The business has a 50 day moving average of $19.63 and a 200 day moving average of $19.55. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -10.40 and a beta of 0.41.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DQ. Daiwa Securities Group Inc. raised its holdings 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 valued at $214,000 after buying an additional 1,400 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Daqo New Energy by 57.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 74,571 shares of the semiconductor company’s stock valued at $1,519,000 after purchasing an additional 27,223 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Daqo New Energy by 32.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,732 shares of the semiconductor company’s stock valued at $2,765,000 after purchasing an additional 33,031 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position 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 valued at $285,000 after purchasing an additional 5,570 shares during the period. Finally, State Street Corp boosted its position in Daqo New Energy by 1.1% during the 3rd quarter. State Street Corp now owns 842,921 shares of the semiconductor company’s stock worth $17,170,000 after acquiring an additional 8,983 shares during the last quarter. 47.22% of the stock is 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.