DAQO New Energy (NYSE:DQ) Shares Gap Up – Time to Buy?

Shares of DAQO New Energy Corp. (NYSE:DQ) gapped up prior to trading on Friday . The stock had previously closed at $25.17, but opened at $26.65. DAQO New Energy shares last traded at $27.8890, with a volume of 258,806 shares.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. The Goldman Sachs Group set a $18.30 price objective on shares of DAQO New Energy and gave the stock a “neutral” rating in a research report on Wednesday, October 29th. Roth Mkm set a $30.00 target price on shares of DAQO New Energy and gave the stock a “neutral” rating in a research report on Tuesday, October 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of DAQO New Energy in a report on Monday, December 29th. Finally, Wall Street Zen upgraded DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $27.04.

DAQO New Energy Price Performance

The company has a fifty day moving average price of $30.05 and a two-hundred day moving average price of $27.32. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -5.30 and a beta of 0.60.

DAQO New Energy (NYSE:DQ) last announced its quarterly earnings data on Monday, October 27th. The semiconductor company reported ($0.22) EPS for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.39. The company had revenue of $244.60 million during the quarter, compared to the consensus estimate of $176.78 million. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%. On average, research analysts expect that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DAQO New Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in DQ. Quarry LP purchased a new stake in shares of DAQO New Energy in the third quarter valued at $26,000. Headlands Technologies LLC purchased a new position in shares of DAQO New Energy during the second quarter valued at $29,000. Farther Finance Advisors LLC raised its position in DAQO New Energy by 1,650.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,330 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 1,254 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. lifted its stake in DAQO New Energy by 777.7% in the 3rd quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 2,633 shares of the semiconductor company’s stock worth $74,000 after acquiring an additional 2,333 shares in the last quarter. Finally, Brooklyn Investment Group lifted its stake in DAQO New Energy by 17,302.3% in the 3rd quarter. Brooklyn Investment Group now owns 7,657 shares of the semiconductor company’s stock worth $215,000 after acquiring an additional 7,613 shares in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

About DAQO New Energy

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.