DAQO New Energy (NYSE:DQ) Stock Price Down 4.3% – Here’s Why

DAQO New Energy Corp. (NYSE:DQ)’s stock price traded down 4.3% during trading on Thursday . The stock traded as low as $31.05 and last traded at $31.0150. 216,256 shares were traded during mid-day trading, a decline of 80% from the average session volume of 1,077,859 shares. The stock had previously closed at $32.41.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. New Street Research set a $15.40 price target on shares of DAQO New Energy in a research note on Thursday, September 18th. Roth Capital set a $30.00 price target on DAQO New Energy and gave the stock a “neutral” rating in a report on Tuesday, October 28th. Wall Street Zen raised DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Hsbc Global Res raised shares of DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 27th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DAQO New Energy in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, DAQO New Energy currently has an average rating of “Moderate Buy” and an average target price of $27.04.

DAQO New Energy Price Performance

The stock has a market cap of $2.08 billion, a P/E ratio of -6.03 and a beta of 0.66. The business’s fifty day moving average price is $29.82 and its 200 day moving average price is $23.47.

DAQO New Energy (NYSE:DQ) last issued its quarterly earnings data on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.61) by $0.39. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%.The business had revenue of $244.60 million for the quarter, compared to analyst estimates of $176.78 million. On average, analysts predict that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

DAQO New Energy declared that its board has initiated a share buyback plan on Tuesday, August 26th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of DAQO New Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. XTX Topco Ltd purchased a new stake in DAQO New Energy in the 1st quarter valued at about $316,000. Vanguard Group Inc. lifted its holdings in DAQO New Energy by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,745,544 shares of the semiconductor company’s stock worth $31,612,000 after acquiring an additional 26,359 shares during the period. Charles Schwab Investment Management Inc. grew its stake in DAQO New Energy by 227.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 162,085 shares of the semiconductor company’s stock valued at $2,935,000 after purchasing an additional 112,562 shares during the period. Virtu Financial LLC purchased a new stake in shares of DAQO New Energy during the 1st quarter valued at $187,000. Finally, Nuveen LLC purchased a new stake in shares of DAQO New Energy during the 1st quarter valued at $837,000. 47.22% of the stock is 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.