Daqo New Energy (NYSE:DQ) Shares Gap Down – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $14.40, but opened at $13.90. Daqo New Energy shares last traded at $13.92, with a volume of 148,907 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Hsbc Global Res downgraded shares of Daqo New Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 30th. The Goldman Sachs Group lowered Daqo New Energy from a “buy” rating to a “neutral” rating and set a $17.00 target price for the company. in a report on Tuesday, April 15th. Wall Street Zen raised Daqo New Energy to a “sell” rating in a report on Monday, April 21st. Finally, HSBC downgraded Daqo New Energy from a “buy” rating to a “hold” rating and set a $14.00 price objective for the company. in a report on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.01.

Daqo New Energy Price Performance

The business has a 50-day moving average of $13.90 and a 200 day moving average of $17.32. The company has a market cap of $940.81 million, a PE ratio of -7.61 and a beta of 0.59.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($1.02) by ($0.05). Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. The business had revenue of $123.91 million for the quarter, compared to analysts’ expectations of $176.81 million. On average, equities analysts predict that Daqo New Energy Corp. will post -3.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp increased its holdings in Daqo New Energy by 7.6% in the 4th quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company’s stock worth $390,000 after acquiring an additional 1,410 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Daqo New Energy by 86,700.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 1,734 shares during the period. CoreCommodity Management LLC lifted its stake in shares of Daqo New Energy by 1.6% during the 4th quarter. CoreCommodity Management LLC now owns 134,888 shares of the semiconductor company’s stock valued at $2,622,000 after buying an additional 2,183 shares in the last quarter. Generali Investments CEE investicni spolecnost a.s. purchased a new position in shares of Daqo New Energy during the 4th quarter valued at $52,000. Finally, Diametric Capital LP boosted its holdings in Daqo New Energy by 25.5% in the 4th quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company’s stock worth $311,000 after buying an additional 3,255 shares during the period. 47.22% of the stock is currently 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.