Daqo New Energy (NYSE:DQ) Shares Gap Up – Should You Buy?

Daqo New Energy Corp. (NYSE:DQ)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $19.60, but opened at $20.67. Daqo New Energy shares last traded at $19.79, with a volume of 214,480 shares traded.

Analysts Set New Price Targets

Separately, StockNews.com raised Daqo New Energy to a “sell” rating in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Stock Performance

The company has a market cap of $1.29 billion, a PE ratio of -10.63 and a beta of 0.41. The stock has a 50 day moving average of $19.68 and a 200-day moving average of $19.50.

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

Hedge Funds Weigh In On Daqo New Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DQ. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of Daqo New Energy in the 4th quarter valued at about $52,000. Daiwa Securities Group Inc. lifted its holdings in shares of Daqo New Energy by 15.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock valued at $214,000 after buying an additional 1,400 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Daqo New Energy by 66.1% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,000 shares of the semiconductor company’s stock valued at $285,000 after buying an additional 5,570 shares during the period. Diametric Capital LP lifted its holdings in shares of Daqo New Energy by 25.5% in the 4th quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company’s stock valued at $311,000 after buying an additional 3,255 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Daqo New Energy by 7.6% in the 4th quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company’s stock valued at $390,000 after buying an additional 1,410 shares during the period. Hedge funds and other institutional investors own 47.22% of the company’s stock.

Daqo New Energy Company Profile

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.