Daqo New Energy (NYSE:DQ) Shares Gap Up – Time to Buy?

Daqo New Energy Corp. (NYSE:DQ)’s stock price gapped up before the market opened 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 changing hands.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Daqo New Energy to a “sell” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $22.26.

Daqo New Energy Trading Up 3.8 %

The company has a market cap of $1.35 billion, a PE ratio of -11.09 and a beta of 0.41. The company’s 50 day moving average is $19.64 and its 200 day moving average is $19.55.

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

Hedge Funds Weigh In On Daqo New Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Daiwa Securities Group Inc. lifted its stake 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 purchasing an additional 1,400 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Daqo New Energy by 57.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 74,571 shares of the semiconductor company’s stock worth $1,519,000 after buying an additional 27,223 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Daqo New Energy by 32.2% during 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 valued at $2,765,000 after purchasing an additional 33,031 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in 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 in the last quarter. Finally, State Street Corp boosted its stake in shares of Daqo New Energy by 1.1% in the third quarter. State Street Corp now owns 842,921 shares of the semiconductor company’s stock worth $17,170,000 after acquiring an additional 8,983 shares during the last quarter. Institutional investors and hedge funds 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.