Daqo New Energy (NYSE:DQ) Stock Price Up 7.3% - Time to Buy?

Shares of Daqo New Energy Corp. (NYSE:DQ - Get Free Report) rose 7.3% during trading on Thursday . The company traded as high as $19.58 and last traded at $19.67. Approximately 430,604 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 651,122 shares. The stock had previously closed at $18.33.

Wall Street Analyst Weigh In

DQ has been the subject of several analyst reports. Daiwa America upgraded Daqo New Energy from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 30th. Daiwa Capital Markets upgraded Daqo New Energy from a "neutral" rating to an "outperform" rating in a research 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 given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Daqo New Energy presently has an average rating of "Buy" and an average target price of $22.26.

Daqo New Energy Stock Up 2.4 %

The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -11.99 and a beta of 0.25. The business has a 50-day simple moving average of $19.01 and a two-hundred day simple moving average of $18.73.

Institutional Investors Weigh In On Daqo New Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Greenwoods Asset Management Hong Kong Ltd. lifted its position in Daqo New Energy by 5,286.6% in the fourth quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 2,714,780 shares of the semiconductor company's stock worth $52,775,000 after purchasing an additional 2,664,381 shares during the period. Ariose Capital Management Ltd lifted its position 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 worth $29,271,000 after purchasing an additional 324,585 shares during the period. State Street Corp lifted its position 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 worth $17,170,000 after purchasing an additional 8,983 shares during the period. Wexford Capital LP increased its holdings in shares of Daqo New Energy by 395.7% in the third quarter. Wexford Capital LP now owns 164,809 shares of the semiconductor company's stock valued at $3,357,000 after buying an additional 131,564 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Daqo New Energy by 32.2% in 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 valued at $2,765,000 after buying an additional 33,031 shares in 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.