DAQO New Energy (NYSE:DQ) Share Price Breaks Below Fifty Day Moving Average – Here’s Why

Shares of DAQO New Energy Corp. (NYSE:DQ) crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $11.25 and traded as low as $10.82. DAQO New Energy shares last traded at $10.9430, with a volume of 402,094 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DQ. Zacks Research raised DAQO New Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 29th. JPMorgan Chase & Co. cut their target price on DAQO New Energy from $22.00 to $18.50 and set an “overweight” rating for the company in a research report on Wednesday, October 28th. The Goldman Sachs Group lowered DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a report on Monday, August 24th. Roth Capital set a $12.00 target price on DAQO New Energy in a report on Wednesday, October 28th. Finally, New Street Research set a $10.00 price target on DAQO New Energy in a research report on Monday, August 24th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, DAQO New Energy currently has an average rating of “Reduce” and a consensus target price of $13.73.

DAQO New Energy Trading Down 4.3%

The firm’s 50-day moving average price is $11.25 and its 200 day moving average price is $16.39. The company has a market capitalization of $740.51 million, a price-to-earnings ratio of -3.22 and a beta of 0.50.

DAQO New Energy (NYSE:DQ) last posted its quarterly earnings results on Tuesday, October 27th. The semiconductor company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.30). The firm had revenue of $194.15 million for the quarter, compared to analyst estimates of $61.90 million. DAQO New Energy had a negative return on equity of 3.90% and a negative net margin of 45.46%. During the same quarter in the prior year, the business posted ($0.22) EPS. As a group, equities research analysts anticipate that DAQO New Energy Corp. will post -3.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DAQO New Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC acquired a new stake in shares of DAQO New Energy in the 1st quarter valued at $3,285,000. Hsbc Holdings PLC lifted its position in shares of DAQO New Energy by 65.9% during the 1st quarter. Hsbc Holdings PLC now owns 35,165 shares of the semiconductor company’s stock worth $739,000 after buying an additional 13,970 shares during the last quarter. Cygnus Capital Advisors LLC acquired a new stake in DAQO New Energy in the second quarter valued at about $724,000. Bank of New York Mellon Corp grew its position in DAQO New Energy by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 30,134 shares of the semiconductor company’s stock valued at $641,000 after acquiring an additional 2,122 shares during the last quarter. Finally, Himension Capital Singapore PTE. LTD. bought a new position in DAQO New Energy in the first quarter valued at about $521,000. 47.22% of the stock is currently owned by institutional investors.

About DAQO New Energy

DAQO New Energy Corp. is a manufacturer of high-purity polysilicon, a key raw material used to produce solar wafers, cells and modules. Its products support the photovoltaic supply chain and the broader deployment of solar power. Founded in 2007, the company operates manufacturing facilities in China. Its customers include manufacturers of solar wafers and other photovoltaic products, primarily in China, as well as customers in international markets.