DAQO New Energy (NYSE:DQ) Stock Price Down 6.2% – What’s Next?

DAQO New Energy Corp. (NYSE:DQ) fell 6.2% during mid-day trading on Monday . The company traded as low as $12.83 and last traded at $12.83. Approximately 913,010 shares were traded during trading, an increase of 7% from the average daily volume of 855,393 shares. The stock had previously closed at $13.68.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of DAQO New Energy from $35.50 to $22.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Weiss Ratings upgraded DAQO New Energy from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Zacks Research cut DAQO New Energy from a “hold” rating to a “strong sell” rating in a report on Friday, August 7th. The Goldman Sachs Group cut DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 target price for the company. in a research note on Monday, August 24th. Finally, New Street Research set a $10.00 price target on shares of DAQO New Energy in a report on Monday, August 24th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $19.36.

DAQO New Energy Stock Down 6.7%

The stock’s fifty day moving average price is $13.07 and its 200-day moving average price is $17.85. The company has a market capitalization of $864.09 million, a price-to-earnings ratio of -4.50 and a beta of 0.66.

DAQO New Energy (NYSE:DQ) last released its earnings results on Thursday, August 20th. The semiconductor company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.63). The firm had revenue of $62.66 million during the quarter, compared to the consensus estimate of $52.93 million. DAQO New Energy had a negative net margin of 34.50% and a negative return on equity of 3.26%. Analysts anticipate that DAQO New Energy Corp. will post -1.96 EPS for the current year.

Hedge Funds Weigh In On DAQO New Energy

A number of hedge funds have recently added to or reduced their stakes in DQ. Renaissance Technologies LLC bought a new stake in shares of DAQO New Energy during the 1st quarter worth $3,285,000. Banque Cantonale Vaudoise boosted its stake in shares of DAQO New Energy by 37.5% in the 1st quarter. Banque Cantonale Vaudoise now owns 2,579 shares of the semiconductor company’s stock valued at $55,000 after purchasing an additional 703 shares in the last quarter. SG Americas Securities LLC lifted its stake in DAQO New Energy by 58.1% in the 1st quarter. SG Americas Securities LLC now owns 67,643 shares of the semiconductor company’s stock valued at $1,439,000 after purchasing an additional 24,855 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in DAQO New Energy in the fourth quarter valued at approximately $49,000. Finally, MidFirst Bank bought a new stake in shares of DAQO New Energy during the fourth quarter worth $236,000. Institutional investors own 47.22% of the company’s stock.

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.