DAQO New Energy (NYSE:DQ) Shares Gap Up – Here’s Why

DAQO New Energy Corp. (NYSE:DQ) shares gapped up before the market opened on Thursday . The stock had previously closed at $16.06, but opened at $17.05. DAQO New Energy shares last traded at $17.0930, with a volume of 421,845 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Zacks Research downgraded shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Weiss Ratings raised shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, May 27th. Wall Street Zen downgraded shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Saturday, May 2nd. Finally, Roth Mkm set a $19.00 price objective on shares of DAQO New Energy in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $23.59.

DAQO New Energy Price Performance

The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -6.03 and a beta of 0.61. The firm’s fifty day moving average is $19.83 and its two-hundred day moving average is $24.71.

DAQO New Energy (NYSE:DQ) last issued its quarterly earnings results on Wednesday, April 29th. The semiconductor company reported ($1.31) 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 business had revenue of $26.72 million during the quarter, compared to the consensus estimate of $186.28 million. On average, equities analysts forecast that DAQO New Energy Corp. will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DAQO New Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Continental General Insurance Co. raised its position in DAQO New Energy by 11.3% in the third quarter. Continental General Insurance Co. now owns 6,641,986 shares of the semiconductor company’s stock worth $186,839,000 after acquiring an additional 675,784 shares in the last quarter. Vanguard Group Inc. raised its position in DAQO New Energy by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 1,753,947 shares of the semiconductor company’s stock worth $51,741,000 after acquiring an additional 15,159 shares in the last quarter. Polunin Capital Partners Ltd raised its position in DAQO New Energy by 13.6% in the fourth quarter. Polunin Capital Partners Ltd now owns 1,458,705 shares of the semiconductor company’s stock worth $43,032,000 after acquiring an additional 174,747 shares in the last quarter. Invesco Ltd. raised its position in DAQO New Energy by 22.6% in the fourth quarter. Invesco Ltd. now owns 1,429,565 shares of the semiconductor company’s stock worth $42,172,000 after acquiring an additional 263,614 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in DAQO New Energy by 9.1% in the fourth quarter. Mackenzie Financial Corp now owns 1,316,140 shares of the semiconductor company’s stock worth $38,934,000 after acquiring an additional 110,186 shares in the last quarter. 47.22% of the stock is currently owned by 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.