Daqo New Energy (NYSE:DQ) Trading 5.7% Higher

Daqo New Energy Corp. (NYSE:DQ)’s stock price rose 5.7% on Thursday . The stock traded as high as $28.98 and last traded at $28.23. Approximately 741,600 shares were traded during trading, a decline of 45% from the average daily volume of 1,355,372 shares. The stock had previously closed at $26.71.

Analysts Set New Price Targets

Separately, Daiwa Capital Markets reaffirmed an “underperform” rating and set a $25.00 target price on shares of Daqo New Energy in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $36.23.

Daqo New Energy Stock Up 5.4 %

The business has a 50-day simple moving average of $22.00 and a two-hundred day simple moving average of $24.68. The stock has a market capitalization of $2.18 billion, a P/E ratio of 5.34 and a beta of 0.19.

Daqo New Energy (NYSE:DQ) last issued its quarterly earnings results on Wednesday, February 28th. The semiconductor company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.20). Daqo New Energy had a net margin of 18.24% and a return on equity of 6.42%. The firm had revenue of $477.13 million for the quarter, compared to analyst estimates of $529.40 million. During the same period last year, the company earned $4.71 EPS. On average, sell-side analysts forecast that Daqo New Energy Corp. will post 4.06 earnings per share for the current year.

Institutional Investors Weigh In On Daqo New Energy

Several large investors have recently modified their holdings of DQ. Bank of America Corp DE increased its holdings in shares of Daqo New Energy by 1,305.7% in the first quarter. Bank of America Corp DE now owns 1,981,937 shares of the semiconductor company’s stock worth $92,834,000 after acquiring an additional 1,840,945 shares in the last quarter. Morgan Stanley grew its holdings in shares of Daqo New Energy by 189.4% during the fourth quarter. Morgan Stanley now owns 1,839,118 shares of the semiconductor company’s stock worth $71,008,000 after buying an additional 1,203,536 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Daqo New Energy by 2,930.7% during the first quarter. Envestnet Asset Management Inc. now owns 985,296 shares of the semiconductor company’s stock worth $1,673,000 after buying an additional 952,786 shares in the last quarter. Ariose Capital Management Ltd grew its holdings in shares of Daqo New Energy by 324.8% during the third quarter. Ariose Capital Management Ltd now owns 800,124 shares of the semiconductor company’s stock worth $24,220,000 after buying an additional 611,755 shares in the last quarter. Finally, Zimmer Partners LP bought a new position in shares of Daqo New Energy during the second quarter worth about $23,569,000. 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.