Daqo New Energy (NYSE:DQ) Shares Gap Down to $23.74

Daqo New Energy Corp. (NYSE:DQ)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $23.74, but opened at $21.75. Daqo New Energy shares last traded at $21.77, with a volume of 251,178 shares.

Wall Street Analysts Forecast Growth

Separately, Daiwa Capital Markets reissued an “underperform” rating and issued a $25.00 price objective on shares of Daqo New Energy in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Daqo New Energy presently has a consensus rating of “Hold” and a consensus price target of $36.23.

Daqo New Energy Trading Down 8.0 %

The company has a market capitalization of $1.43 billion, a P/E ratio of 4.09 and a beta of 0.22. The stock’s 50-day moving average price is $24.51 and its 200-day moving average price is $23.88.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings data on Wednesday, February 28th. The semiconductor company reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.20). The company had revenue of $477.13 million for the quarter, compared to the consensus estimate of $529.40 million. Daqo New Energy had a net margin of 18.24% and a return on equity of 6.42%. During the same quarter in the prior year, the firm earned $4.71 earnings per share. Sell-side analysts expect that Daqo New Energy Corp. will post 4.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Daqo New Energy

A number of hedge funds and other institutional investors have recently modified their holdings of DQ. Mackenzie Financial Corp grew its holdings in shares of Daqo New Energy by 23.8% during the fourth quarter. Mackenzie Financial Corp now owns 1,794,353 shares of the semiconductor company’s stock valued at $47,730,000 after buying an additional 344,616 shares in the last quarter. Invesco Ltd. increased its stake in shares of Daqo New Energy by 6.9% during the 3rd quarter. Invesco Ltd. now owns 1,658,153 shares of the semiconductor company’s stock worth $50,192,000 after purchasing an additional 107,235 shares during the last quarter. Andra AP fonden lifted its position in shares of Daqo New Energy by 48.1% in the third quarter. Andra AP fonden now owns 133,700 shares of the semiconductor company’s stock worth $4,047,000 after buying an additional 43,400 shares during the last quarter. SG Americas Securities LLC boosted its position in Daqo New Energy by 12.2% during the fourth quarter. SG Americas Securities LLC now owns 80,987 shares of the semiconductor company’s stock worth $2,154,000 after purchasing an additional 8,775 shares during the period. Finally, UBS Group AG grew its holdings in Daqo New Energy by 75.2% during the third quarter. UBS Group AG now owns 328,745 shares of the semiconductor company’s stock valued at $9,951,000 after purchasing an additional 141,079 shares during the last quarter. Institutional investors and hedge funds 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.