DAQO New Energy (NYSE:DQ) Posts Quarterly Earnings Results, Misses Expectations By $0.30 EPS

DAQO New Energy (NYSE:DQ) announced its earnings results on Tuesday. The semiconductor company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.30), RTT News reports. DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%. The business had revenue of $194.15 million for the quarter, compared to analyst estimates of $61.90 million. During the same quarter last year, the company posted ($0.22) EPS.

DAQO New Energy Stock Performance

DQ stock opened at $10.14 on Tuesday. The stock has a market capitalization of $686.11 million, a PE ratio of -3.57 and a beta of 0.67. The company has a fifty day moving average of $11.89 and a 200-day moving average of $17.42. DAQO New Energy has a one year low of $9.89 and a one year high of $36.59.

Analysts Set New Price Targets

Several research firms have commented on DQ. The Goldman Sachs Group downgraded DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price objective for the company. in a research note on Monday, August 24th. Zacks Research upgraded DAQO New Energy from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 29th. JPMorgan Chase & Co. lowered their target price on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. New Street Research set a $10.00 target price on DAQO New Energy in a report on Monday, August 24th. Finally, Weiss Ratings cut DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, October 19th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, DAQO New Energy currently has a consensus rating of “Reduce” and a consensus target price of $15.83.

About DAQO New Energy

Daqo New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce solar photovoltaic wafers, cells and modules. Through its operating subsidiaries, the company produces polysilicon in grades used primarily for monocrystalline and multicrystalline solar applications.

The company’s production operations are located in China, including facilities in Xinjiang. Its products are supplied to manufacturers in the solar photovoltaic industry, primarily within China’s extensive solar manufacturing supply chain, with the company serving customers in other markets through industry sales and distribution relationships.

Daqo New Energy was founded in 2007 and completed its initial public offering on the New York Stock Exchange in 2010.