Daqo New Energy (NYSE:DQ) Shares Gap Up - Here's What Happened

Daqo New Energy Corp. (NYSE:DQ - Get Free Report) gapped up prior to trading 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 traded.

Analyst Ratings Changes

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

Daqo New Energy Price Performance

The stock's 50-day moving average price is $19.63 and its 200 day moving average price is $19.62. The firm has a market capitalization of $1.27 billion, a PE ratio of -10.44 and a beta of 0.41.

Daqo New Energy (NYSE:DQ - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The semiconductor company reported ($2.71) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $195.36 million for the quarter, compared to analysts' expectations of $153.54 million. Equities research analysts forecast that Daqo New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

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Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DQ. 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 valued at $214,000 after buying an additional 1,400 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Daqo New Energy by 57.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 74,571 shares of the semiconductor company's stock valued at $1,519,000 after acquiring an additional 27,223 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Daqo New Energy by 32.2% in the 3rd 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 acquiring an additional 33,031 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Daqo New Energy by 66.1% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 14,000 shares of the semiconductor company's stock worth $285,000 after purchasing an additional 5,570 shares during the last quarter. Finally, State Street Corp boosted its position in Daqo New Energy by 1.1% during the third 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 in the last quarter. 47.22% of the stock is currently owned by institutional investors.

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.