Daqo New Energy (NYSE:DQ) Shares Down 2.1% – Here’s Why

Daqo New Energy Corp. (NYSE:DQ)’s share price dropped 2.1% on Monday . The stock traded as low as $19.06 and last traded at $18.86. Approximately 49,115 shares were traded during trading, a decline of 95% from the average daily volume of 1,017,836 shares. The stock had previously closed at $19.27.

Analysts Set New Price Targets

Separately, StockNews.com raised Daqo New Energy to a “sell” rating in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $22.26.

Daqo New Energy Stock Performance

The firm has a market capitalization of $1.21 billion, a PE ratio of -9.90 and a beta of 0.41. The company has a fifty day moving average price of $19.63 and a 200-day moving average price of $19.65.

Daqo New Energy (NYSE:DQ) last posted its quarterly earnings results on Thursday, February 27th. The semiconductor company reported ($2.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.69) by ($2.02). The company had revenue of $195.36 million during the quarter, compared to the consensus estimate of $153.54 million. Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. On average, equities analysts predict that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of DQ. Greenwoods Asset Management Hong Kong Ltd. grew its position in shares of Daqo New Energy by 5,286.6% during the 4th quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 2,714,780 shares of the semiconductor company’s stock valued at $52,775,000 after acquiring an additional 2,664,381 shares during the period. Prudential PLC purchased a new stake in shares of Daqo New Energy in the fourth quarter valued at about $14,775,000. Point72 Asset Management L.P. lifted its holdings in Daqo New Energy by 67.5% in the fourth quarter. Point72 Asset Management L.P. now owns 886,655 shares of the semiconductor company’s stock valued at $17,237,000 after acquiring an additional 357,460 shares during the last quarter. Ariose Capital Management Ltd boosted its stake in Daqo New Energy by 27.5% during the fourth quarter. Ariose Capital Management Ltd now owns 1,505,709 shares of the semiconductor company’s stock worth $29,271,000 after buying an additional 324,585 shares during the period. Finally, Continental General Insurance Co. increased its stake in Daqo New Energy by 5.8% during the fourth quarter. Continental General Insurance Co. now owns 5,916,202 shares of the semiconductor company’s stock worth $115,011,000 after purchasing an additional 322,084 shares during the period. 47.22% of the stock is owned by institutional investors and hedge funds.

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.