DAQO New Energy (NYSE:DQ) Trading Down 5.3% – Here’s What Happened

DAQO New Energy Corp. (NYSE:DQ) dropped 5.3% on Tuesday . The company traded as low as $31.64 and last traded at $31.3510. Approximately 123,639 shares traded hands during trading, a decline of 88% from the average daily volume of 1,052,990 shares. The stock had previously closed at $33.12.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DQ. HSBC raised shares of DAQO New Energy from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Wednesday, August 27th. New Street Research set a $15.40 target price on DAQO New Energy in a research note on Thursday, September 18th. Hsbc Global Res raised shares of DAQO New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 27th. Citigroup raised their target price on shares of DAQO New Energy from $27.00 to $37.00 and gave the stock a “buy” rating in a report on Monday, September 8th. Finally, The Goldman Sachs Group set a $18.30 price objective on DAQO New Energy and gave the company a “neutral” rating in a research report on Wednesday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $27.04.

DAQO New Energy Stock Performance

The business’s 50 day moving average is $31.20 and its 200 day moving average is $25.43. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of -6.11 and a beta of 0.66.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Quarry LP acquired a new position in DAQO New Energy in the 3rd quarter worth $26,000. Headlands Technologies LLC acquired a new stake in DAQO New Energy in the 2nd quarter valued at approximately $29,000. Pinpoint Asset Management Singapore Pte. Ltd. boosted its position in 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 acquiring an additional 2,333 shares during the last quarter. Brooklyn Investment Group grew 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 acquiring an additional 7,613 shares in the last quarter. Finally, Vident Advisory LLC acquired a new stake in shares of DAQO New Energy in the first quarter valued at approximately $216,000. Institutional investors and hedge funds 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.