Daqo New Energy (NYSE:DQ) Shares Gap Up - What's Next?

Daqo New Energy Corp. (NYSE:DQ - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $17.77, but opened at $18.91. Daqo New Energy shares last traded at $19.07, with a volume of 882,992 shares traded.

Analyst Upgrades and Downgrades

DQ has been the topic of a number of recent analyst reports. StockNews.com raised shares of Daqo New Energy to a "sell" rating in a research note on Monday, September 23rd. Hsbc Global Res upgraded shares of Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 2nd. Jefferies Financial Group cut their target price on shares of Daqo New Energy from $38.40 to $34.05 and set a "buy" rating for the company in a research report on Monday, August 26th. Daiwa America raised Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 30th. Finally, Daiwa Capital Markets upgraded Daqo New Energy from a "neutral" rating to an "outperform" rating in a report on Wednesday, October 30th. One equities 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $22.26.

Daqo New Energy Stock Up 8.0 %

The firm's 50-day simple moving average is $20.29 and its 200-day simple moving average is $18.19. The firm has a market capitalization of $1.27 billion, a PE ratio of -10.38 and a beta of 0.28.

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

Hedge Funds Weigh In On Daqo New Energy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp increased its stake in shares of Daqo New Energy by 6.4% during the second quarter. Mackenzie Financial Corp now owns 2,496,997 shares of the semiconductor company's stock valued at $36,456,000 after buying an additional 149,610 shares during the period. Sylebra Capital LLC increased its position in Daqo New Energy by 103.9% during the 2nd quarter. Sylebra Capital LLC now owns 943,692 shares of the semiconductor company's stock valued at $13,778,000 after purchasing an additional 480,980 shares during the period. State Street Corp increased its position in Daqo New Energy by 1.1% during the 3rd quarter. State Street Corp now owns 842,921 shares of the semiconductor company's stock valued at $17,170,000 after purchasing an additional 8,983 shares during the period. Point72 Asset Management L.P. bought a new position in Daqo New Energy in the 2nd quarter worth $11,080,000. Finally, Marshall Wace LLP lifted its position in shares of Daqo New Energy by 112.3% in the 2nd 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. 47.22% of the stock is 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.