DAQO New Energy (NYSE:DQ) Reaches New 12-Month Low – Should You Sell?

DAQO New Energy Corp. (NYSE:DQ)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $11.54 and last traded at $11.6060, with a volume of 125501 shares trading hands. The stock had previously closed at $11.91.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on DQ shares. Roth Capital set a $19.00 price target on shares of DAQO New Energy in a research report on Thursday, April 30th. Weiss Ratings raised shares of DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 6th. Zacks Research upgraded shares of DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Monday, June 29th. Finally, Wall Street Zen cut shares of DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $23.59.

DAQO New Energy Trading Down 2.4%

The stock has a market capitalization of $787.00 million, a P/E ratio of -4.18 and a beta of 0.65. The business has a 50-day moving average price of $14.45 and a two-hundred day moving average price of $20.07.

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

Hedge Funds Weigh In On DAQO New Energy

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

About DAQO New Energy

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.