Daqo New Energy (NYSE:DQ) Stock Price Up 7.3% – Here’s Why

Daqo New Energy Corp. (NYSE:DQ)’s share price shot up 7.3% during mid-day trading on Thursday . The company traded as high as $19.58 and last traded at $19.67. 430,604 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 651,122 shares. The stock had previously closed at $18.33.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Daiwa Capital Markets raised shares of Daqo New Energy from a “neutral” rating to an “outperform” rating in a research note on Wednesday, October 30th. Daiwa America upgraded Daqo New Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $22.26.

Daqo New Energy Price Performance

The company has a market cap of $1.29 billion, a PE ratio of -10.52 and a beta of 0.25. The company has a 50-day moving average price of $18.97 and a two-hundred day moving average price of $18.64.

Institutional Investors Weigh In On Daqo New Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DQ. Ariose Capital Management Ltd increased its holdings in Daqo New Energy by 27.5% in the fourth quarter. Ariose Capital Management Ltd now owns 1,505,709 shares of the semiconductor company’s stock valued at $29,271,000 after buying an additional 324,585 shares during the last quarter. Wexford Capital LP increased its holdings in shares of Daqo New Energy by 395.7% in the 3rd quarter. Wexford Capital LP now owns 164,809 shares of the semiconductor company’s stock valued at $3,357,000 after acquiring an additional 131,564 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Daqo New Energy during the 3rd quarter valued at approximately $1,053,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake 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 worth $2,765,000 after purchasing an additional 33,031 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in 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 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.