Daqo New Energy (NYSE:DQ) Stock Price Down 6% – Here’s What Happened

Daqo New Energy Corp. (NYSE:DQ)’s stock price dropped 6% during mid-day trading on Wednesday . The stock traded as low as $17.03 and last traded at $17.09. Approximately 172,380 shares were traded during trading, a decline of 75% from the average daily volume of 678,719 shares. The stock had previously closed at $18.19.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on DQ. Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 30th. Daiwa Capital Markets raised Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. Hsbc Global Res upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 2nd. Finally, HSBC raised Daqo New Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $22.26.

Daqo New Energy Stock Down 7.0 %

The stock’s fifty day moving average price is $19.32 and its 200 day moving average price is $18.52. The stock has a market cap of $1.12 billion, a PE ratio of -9.15 and a beta of 0.26.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.12). Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. The business had revenue of $198.50 million during the quarter, compared to the consensus estimate of $186.90 million. During the same period last year, the company earned ($0.09) EPS. On average, equities research analysts expect that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Daqo New Energy

Several institutional investors have recently made changes to their positions in the company. Sylebra Capital LLC boosted its position in shares of Daqo New Energy by 103.9% during the second quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company’s stock valued at $13,778,000 after buying an additional 480,980 shares during the period. Marshall Wace LLP increased its stake in Daqo New Energy by 112.3% in the second quarter. Marshall Wace LLP now owns 322,635 shares of the semiconductor company’s stock worth $4,710,000 after purchasing an additional 170,660 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Daqo New Energy by 32.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,732 shares of the semiconductor company’s stock worth $2,765,000 after purchasing an additional 33,031 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Daqo New Energy during the third quarter valued at $1,053,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Daqo New Energy by 57.5% in the third quarter. BNP Paribas Financial Markets now owns 74,571 shares of the semiconductor company’s stock worth $1,519,000 after purchasing an additional 27,223 shares during 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.