DAQO New Energy (NYSE:DQ) Price Target Cut to $22.00 by Analysts at JPMorgan Chase & Co.

DAQO New Energy (NYSE:DQ) had its price target decreased by JPMorgan Chase & Co. from $35.50 to $22.00 in a research note released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the semiconductor company’s stock.

Several other brokerages have also weighed in on DQ. Weiss Ratings lowered DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 24th. Roth Capital set a $19.00 price target on DAQO New Energy in a research report on Thursday, April 30th. The Goldman Sachs Group reissued a “neutral” rating and issued a $11.20 price objective on shares of DAQO New Energy in a report on Monday. Zacks Research upgraded DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Wall Street Zen downgraded DAQO New Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, DAQO New Energy currently has a consensus rating of “Hold” and an average price target of $22.35.

DAQO New Energy Stock Performance

DQ opened at $12.19 on Friday. The company has a fifty day moving average of $13.77 and a two-hundred day moving average of $19.45. The stock has a market capitalization of $824.63 million, a price-to-earnings ratio of -4.38 and a beta of 0.65. DAQO New Energy has a fifty-two week low of $11.38 and a fifty-two week high of $36.59.

DAQO New Energy (NYSE:DQ) last posted its earnings results on Wednesday, April 29th. The semiconductor company reported ($1.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($1.18). DAQO New Energy had a negative return on equity of 3.19% and a negative net margin of 32.92%.The firm had revenue of $26.72 million for the quarter, compared to analysts’ expectations of $186.28 million. On average, equities research analysts forecast that DAQO New Energy will post -1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC boosted its holdings in DAQO New Energy by 1,261.0% in the 1st quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company’s stock worth $6,422,000 after buying an additional 328,541 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of DAQO New Energy by 117.2% during the first quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock valued at $21,005,000 after acquiring an additional 625,900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of DAQO New Energy by 34.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 174,912 shares of the semiconductor company’s stock valued at $3,168,000 after acquiring an additional 44,780 shares during the last quarter. Jump Financial LLC lifted its position in shares of DAQO New Energy by 78.0% in the second quarter. Jump Financial LLC now owns 212,200 shares of the semiconductor company’s stock valued at $3,219,000 after acquiring an additional 92,954 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of DAQO New Energy by 267.0% in the second quarter. Bank of America Corp DE now owns 193,805 shares of the semiconductor company’s stock valued at $2,940,000 after acquiring an additional 141,004 shares in the last quarter. 47.22% of the stock is owned by hedge funds and other institutional investors.

DAQO New Energy Company Profile

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.