DAQO New Energy Corp. (NYSE:DQ) Stock Rated “Reduce” by Wall Street Analysts

DAQO New Energy Corp. (NYSE:DQ) has been given a consensus rating of “Reduce” by the six analysts that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $15.83.

A number of brokerages have recently commented on DQ. JPMorgan Chase & Co. cut their price target 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. The Goldman Sachs Group downgraded shares of DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price target for the company. in a research note on Monday, August 24th. New Street Research set a $10.00 target price on DAQO New Energy in a report on Monday, August 24th. Zacks Research upgraded DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 29th. Finally, Weiss Ratings raised DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, September 14th.

DAQO New Energy Stock Performance

Shares of DQ opened at $11.04 on Tuesday. The firm has a market cap of $747.08 million, a price-to-earnings ratio of -3.89 and a beta of 0.67. DAQO New Energy has a 52-week low of $10.86 and a 52-week high of $36.59. The business’s fifty day moving average is $12.79 and its 200-day moving average is $15.77.

DAQO New Energy (NYSE:DQ) last posted its earnings results on Thursday, August 20th. The semiconductor company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.63). The company had revenue of $62.66 million during the quarter, compared to the consensus estimate of $52.93 million. DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%. As a group, research analysts forecast that DAQO New Energy will post -1.96 EPS for the current fiscal year.

Institutional Trading of DAQO New Energy

A number of institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC bought a new position in shares of DAQO New Energy in the 1st quarter worth about $3,285,000. SG Americas Securities LLC boosted its position in shares of DAQO New Energy by 58.1% during the 1st quarter. SG Americas Securities LLC now owns 67,643 shares of the semiconductor company’s stock valued at $1,439,000 after purchasing an additional 24,855 shares in the last quarter. Gordian Capital Singapore Pte Ltd boosted its position in shares of DAQO New Energy by 28.0% during the 4th quarter. Gordian Capital Singapore Pte Ltd now owns 64,000 shares of the semiconductor company’s stock valued at $1,888,000 after purchasing an additional 14,000 shares in the last quarter. Cygnus Capital Advisors LLC acquired a new stake in DAQO New Energy during the second quarter worth approximately $724,000. Finally, Hsbc Holdings PLC grew its stake in DAQO New Energy by 65.9% during the first quarter. Hsbc Holdings PLC now owns 35,165 shares of the semiconductor company’s stock worth $739,000 after purchasing an additional 13,970 shares during the period. Institutional investors own 47.22% of the company’s stock.

About DAQO New Energy

Daqo New Energy Corp. is a China-based manufacturer of high-purity polysilicon, a critical raw material used in the production of solar photovoltaic wafers, cells and modules. Through its principal operating subsidiary, Xinjiang Daqo New Energy Co, Ltd., the company produces polysilicon for the global solar industry.

The company’s products are primarily used by photovoltaic manufacturers to make monocrystalline and multicrystalline silicon wafers. Daqo operates production facilities in China, including in Xinjiang, and supplies customers in China and international markets through the solar photovoltaic manufacturing supply chain.

Daqo New Energy was established in 2008 and completed its initial public offering on the New York Stock Exchange in 2010.