Daqo New Energy (NYSE:DQ) Shares Gap Down - Here's Why

Daqo New Energy Corp. (NYSE:DQ - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $19.20, but opened at $18.60. Daqo New Energy shares last traded at $19.22, with a volume of 247,187 shares traded.

Analyst Upgrades and Downgrades

DQ has been the topic of a number of recent analyst reports. StockNews.com upgraded Daqo New Energy to a "sell" rating in a research report on Monday, September 23rd. Daiwa America raised Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Nomura Securities raised shares of Daqo New Energy to a "strong-buy" rating in a research note on Wednesday, August 28th. HSBC raised Daqo New Energy from a "hold" rating to a "buy" rating in a research report on Wednesday, October 2nd. Finally, Roth Mkm reduced their price target on Daqo New Energy from $23.00 to $15.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $22.26.

Daqo New Energy Trading Up 0.9 %

The business has a fifty day simple moving average of $20.33 and a 200 day simple moving average of $18.21. The stock has a market capitalization of $1.28 billion, a P/E ratio of -10.47 and a beta of 0.28.

Daqo New Energy (NYSE:DQ - Get Free Report) last announced its earnings results on Wednesday, October 30th. The semiconductor company reported ($0.92) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.80) by ($0.12). Daqo New Energy had a negative net margin of 9.16% and a negative return on equity of 1.90%. The business had revenue of $198.50 million for the quarter, compared to analysts' expectations of $186.90 million. During the same period in the prior year, the business earned ($0.09) earnings per share. As a group, research analysts forecast that Daqo New Energy Corp. will post -3.5 earnings per share for the current year.

Institutional Trading of Daqo New Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in Daqo New Energy by 9.2% during the third quarter. Geode Capital Management LLC now owns 33,546 shares of the semiconductor company's stock valued at $683,000 after buying an additional 2,813 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Daqo New Energy in the 3rd quarter valued at about $1,053,000. Wellington Management Group LLP lifted its holdings in shares of Daqo New Energy by 26.0% during the 3rd quarter. Wellington Management Group LLP now owns 128,422 shares of the semiconductor company's stock worth $2,616,000 after acquiring an additional 26,462 shares during the last quarter. Wexford Capital LP grew its position in Daqo New Energy by 395.7% in the third quarter. Wexford Capital LP now owns 164,809 shares of the semiconductor company's stock worth $3,357,000 after acquiring an additional 131,564 shares in the last quarter. Finally, State Street Corp increased its stake in Daqo New Energy by 1.1% in the third quarter. State Street Corp now owns 842,921 shares of the semiconductor company's stock valued at $17,170,000 after acquiring an additional 8,983 shares during the last quarter. 47.22% of the stock is currently owned by institutional investors.

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.