Daqo New Energy (NYSE:DQ) Stock Price Up 5.6% – Here’s Why

Shares of Daqo New Energy Corp. (NYSE:DQ) rose 5.6% during trading on Wednesday . The stock traded as high as $20.77 and last traded at $20.87. Approximately 311,103 shares traded hands during trading, a decline of 70% from the average daily volume of 1,026,651 shares. The stock had previously closed at $19.77.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Daqo New Energy to a “sell” rating in a report on Tuesday. One equities 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 given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $22.26.

Daqo New Energy Stock Performance

The stock’s fifty day moving average price is $19.64 and its two-hundred day moving average price is $19.54. The company has a market cap of $1.37 billion, a P/E ratio of -11.20 and a beta of 0.41.

Daqo New Energy (NYSE:DQ) last released its quarterly earnings data 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). Daqo New Energy had a negative return on equity of 1.90% and a negative net margin of 9.16%. The company had revenue of $195.36 million for the quarter, compared to analyst estimates of $153.54 million. On average, equities research analysts forecast that Daqo New Energy Corp. will post -3.5 EPS for the current year.

Institutional Investors Weigh In On Daqo New Energy

Several large investors have recently modified their holdings of DQ. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in shares of Daqo New Energy in the fourth quarter valued at about $52,000. Daiwa Securities Group Inc. increased its holdings in Daqo New Energy by 15.4% during the third quarter. Daiwa Securities Group Inc. now owns 10,500 shares of the semiconductor company’s stock worth $214,000 after buying an additional 1,400 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. increased its holdings in Daqo New Energy by 66.1% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,000 shares of the semiconductor company’s stock worth $285,000 after buying an additional 5,570 shares during the last quarter. Diametric Capital LP increased its holdings in Daqo New Energy by 25.5% during the fourth quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company’s stock worth $311,000 after buying an additional 3,255 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in Daqo New Energy by 7.6% during the fourth quarter. Van ECK Associates Corp now owns 20,067 shares of the semiconductor company’s stock worth $390,000 after buying an additional 1,410 shares during the last quarter. 47.22% of the stock is currently 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.