DAQO New Energy (NYSE:DQ) Hits New 12-Month Low – What’s Next?

DAQO New Energy Corp. (NYSE:DQ) hit a new 52-week low on Thursday. The company traded as low as $10.56 and last traded at $10.64, with a volume of 55,633 shares. The stock had previously closed at $10.71.

Wall Street Analyst Weigh In

DQ has been the subject of several recent analyst reports. Weiss Ratings raised DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, September 14th. Zacks Research raised DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 29th. JPMorgan Chase & Co. dropped their price target on DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. New Street Research set a $10.00 price objective on DAQO New Energy in a research report on Monday, August 24th. Finally, The Goldman Sachs Group cut DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price objective on the stock. in a research report on Monday, August 24th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $15.83.

DAQO New Energy Stock Down 3.6%

The company has a market cap of $694.97 million, a P/E ratio of -3.62 and a beta of 0.67. The company’s 50-day moving average is $12.39 and its two-hundred day moving average is $15.01.

DAQO New Energy (NYSE:DQ) last posted its quarterly earnings data on Thursday, August 20th. The semiconductor company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.63). The company had revenue of $62.66 million for the quarter, compared to analysts’ expectations of $52.93 million. DAQO New Energy had a negative return on equity of 3.26% and a negative net margin of 34.50%. On average, analysts anticipate that DAQO New Energy Corp. will post -1.96 EPS for the current fiscal year.

Institutional Investors Weigh In On DAQO New Energy

Several large investors have recently modified their holdings of DQ. Nykredit A S purchased a new position in DAQO New Energy in the second quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd bought a new position in DAQO New Energy during the fourth quarter valued at $49,000. Banque Cantonale Vaudoise increased its position in DAQO New Energy by 37.5% in the first quarter. Banque Cantonale Vaudoise now owns 2,579 shares of the semiconductor company’s stock worth $55,000 after buying an additional 703 shares during the last quarter. BTG Pactual Asset Management US LLC purchased a new stake in DAQO New Energy in the second quarter worth $224,000. Finally, MidFirst Bank purchased a new stake in DAQO New Energy in the fourth quarter worth $236,000. Hedge funds and other 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.