Daqo New Energy (NYSE:DQ) Shares Gap Down – Time to Sell?

Daqo New Energy Corp. (NYSE:DQ)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $19.20, but opened at $18.60. Daqo New Energy shares last traded at $19.22, with a volume of 247,187 shares traded.

Analysts Set New Price Targets

DQ has been the subject of a number of analyst reports. Hsbc Global Res raised Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. StockNews.com raised shares of Daqo New Energy to a “sell” rating in a research report on Monday, September 23rd. Daiwa America raised shares of Daqo New Energy from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 30th. Finally, Daiwa Capital Markets upgraded shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Trading Down 0.5 %

The firm’s fifty day moving average price is $20.33 and its 200-day moving average price is $18.20. The company has a market cap of $1.27 billion, a P/E ratio of -10.42 and a beta of 0.28.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.12). Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. The firm had revenue of $198.50 million for the quarter, compared to the consensus estimate of $186.90 million. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. As a group, research analysts forecast that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Daqo New Energy

Hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp raised its holdings in shares of Daqo New Energy by 6.4% in the 2nd quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company’s stock worth $36,456,000 after buying an additional 149,610 shares in the last quarter. Sylebra Capital LLC grew its position in Daqo New Energy by 103.9% in the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after acquiring an additional 480,980 shares during the period. State Street Corp raised its stake in Daqo New Energy by 1.1% during the third quarter. State Street Corp now owns 842,921 shares of the semiconductor company’s stock worth $17,170,000 after acquiring an additional 8,983 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Daqo New Energy during the second quarter valued at $11,080,000. Finally, Marshall Wace LLP boosted its stake in shares of Daqo New Energy by 112.3% in the 2nd quarter. Marshall Wace LLP now owns 322,635 shares of the semiconductor company’s stock valued at $4,710,000 after purchasing an additional 170,660 shares in the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

About Daqo New Energy

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.