DAQO New Energy (NYSE:DQ) Stock Price Down 4.3% – Here’s What Happened

DAQO New Energy Corp. (NYSE:DQ) dropped 4.3% during trading on Thursday . The stock traded as low as $31.05 and last traded at $31.0150. Approximately 216,256 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 1,077,859 shares. The stock had previously closed at $32.41.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DQ. Citigroup increased their price objective on shares of DAQO New Energy from $27.00 to $37.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Weiss Ratings restated a “sell (d-)” rating on shares of DAQO New Energy in a research note on Monday. Roth Capital set a $30.00 target price on DAQO New Energy and gave the company a “neutral” rating in a report on Tuesday, October 28th. HSBC upgraded DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a report on Wednesday, August 27th. Finally, Hsbc Global Res upgraded shares of DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, DAQO New Energy currently has an average rating of “Moderate Buy” and an average target price of $27.04.

DAQO New Energy Price Performance

The firm has a 50 day moving average of $29.82 and a 200-day moving average of $23.47. The stock has a market capitalization of $2.08 billion, a P/E ratio of -6.03 and a beta of 0.66.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, October 27th. The semiconductor company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.39. DAQO New Energy had a negative net margin of 53.74% and a negative return on equity of 5.89%. The company had revenue of $244.60 million during the quarter, compared to analysts’ expectations of $176.78 million. As a group, equities analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current year.

DAQO New Energy declared that its board has approved a share repurchase program on Tuesday, August 26th that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the semiconductor company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of DQ. Quarry LP acquired a new position in shares of DAQO New Energy during the 3rd quarter worth about $26,000. Caitong International Asset Management Co. Ltd raised its holdings in DAQO New Energy by 86,700.0% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 1,734 shares in the last quarter. Headlands Technologies LLC bought a new position in DAQO New Energy in the second quarter valued at approximately $29,000. Pinpoint Asset Management Singapore Pte. Ltd. increased its position in shares of DAQO New Energy by 777.7% during the 3rd quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 2,633 shares of the semiconductor company’s stock worth $74,000 after purchasing an additional 2,333 shares during the last quarter. Finally, Brooklyn Investment Group raised its stake in shares of DAQO New Energy by 17,302.3% during the 3rd quarter. Brooklyn Investment Group now owns 7,657 shares of the semiconductor company’s stock worth $215,000 after purchasing an additional 7,613 shares in the last quarter. Institutional investors 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.