DAQO New Energy (NYSE:DQ) Shares Gap Up – Time to Buy?

Shares of DAQO New Energy Corp. (NYSE:DQ) gapped up prior to trading on Wednesday . The stock had previously closed at $23.37, but opened at $25.08. DAQO New Energy shares last traded at $23.9450, with a volume of 221,258 shares.

Analyst Ratings Changes

Several analysts have recently weighed in on DQ shares. Weiss Ratings reissued a “sell (d-)” rating on shares of DAQO New Energy in a report on Monday, December 29th. The Goldman Sachs Group set a $18.30 price target on DAQO New Energy and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. Roth Mkm set a $30.00 target price on shares of DAQO New Energy and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Glj Research downgraded shares of DAQO New Energy from a “buy” rating to a “sell” rating and decreased their target price for the company from $30.51 to $18.13 in a research note on Tuesday. Finally, New Street Research set a $18.13 price target on DAQO New Energy in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, DAQO New Energy presently has a consensus rating of “Hold” and an average price target of $25.43.

DAQO New Energy Stock Down 0.5%

The company has a market capitalization of $1.56 billion, a P/E ratio of -4.53 and a beta of 0.70. The company’s 50-day simple moving average is $29.30 and its 200 day simple moving average is $27.63.

Institutional Investors Weigh In On DAQO New Energy

Large investors have recently made changes to their positions in the company. Quarry LP acquired a new position in shares of DAQO New Energy during the third quarter worth approximately $26,000. Farther Finance Advisors LLC boosted its stake in DAQO New Energy by 1,650.0% during the 4th quarter. Farther Finance Advisors LLC now owns 1,330 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 1,254 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of DAQO New Energy in the 2nd quarter valued at $29,000. Pinpoint Asset Management Singapore Pte. Ltd. grew its stake in DAQO New Energy by 777.7% in the third quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 2,633 shares of the semiconductor company’s stock valued at $74,000 after acquiring an additional 2,333 shares during the period. Finally, Pictet Asset Management Holding SA increased its stake in DAQO New Energy by 134.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,800 shares of the semiconductor company’s stock worth $201,000 after purchasing an additional 3,900 shares in the last quarter. Institutional investors own 47.22% of the company’s stock.

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.