Daqo New Energy (NYSE:DQ) Shares Gap Down to $22.37

Shares of Daqo New Energy Corp. (NYSE:DQ) gapped down before the market opened on Thursday . The stock had previously closed at $22.37, but opened at $21.03. Daqo New Energy shares last traded at $20.70, with a volume of 302,767 shares.

Wall Street Analyst Weigh In

Several research firms have recently commented on DQ. Roth Mkm reaffirmed a “neutral” rating and issued a $23.00 price target on shares of Daqo New Energy in a report on Tuesday, April 30th. HSBC restated a “reduce” rating and set a $17.50 price target (down previously from $23.50) on shares of Daqo New Energy in a report on Monday, May 6th. Finally, Daiwa Capital Markets reaffirmed an “underperform” rating and issued a $25.00 price objective on shares of Daqo New Energy in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.63.

Daqo New Energy Price Performance

The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 9.70 and a beta of 0.32. The firm’s fifty day moving average is $23.26 and its 200 day moving average is $23.12.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings data on Monday, April 29th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.32). Daqo New Energy had a net margin of 7.84% and a return on equity of 2.46%. The business had revenue of $415.31 million during the quarter, compared to analyst estimates of $491.90 million. During the same period in the previous year, the firm posted $3.52 EPS. Equities research analysts forecast that Daqo New Energy Corp. will post 0.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Daqo New Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sylebra Capital LLC bought a new position in Daqo New Energy in the 1st quarter valued at $13,025,000. FengHe Fund Management Pte. Ltd. bought a new stake in Daqo New Energy in the fourth quarter valued at about $11,480,000. BNP Paribas Financial Markets lifted its stake in Daqo New Energy by 142.1% in the first quarter. BNP Paribas Financial Markets now owns 696,865 shares of the semiconductor company’s stock valued at $19,617,000 after buying an additional 409,057 shares during the period. Mackenzie Financial Corp boosted its holdings in 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 worth $47,730,000 after buying an additional 344,616 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Daqo New Energy during the 1st quarter worth about $9,647,000. 47.22% of the stock is currently owned by institutional investors and hedge funds.

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.