DAQO New Energy (NYSE:DQ) Share Price Breaks Above Fifty Day Moving Average – What’s Next?

Shares of DAQO New Energy Corp. (NYSE:DQ) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $11.45 and traded as high as $12.52. DAQO New Energy shares last traded at $12.0090, with a volume of 1,324,757 shares.

Analysts Set New Price Targets

A number of research firms have issued reports on DQ. New Street Research set a $10.00 target price on shares of DAQO New Energy in a research note on Monday, August 24th. Roth Capital set a $12.00 price target on DAQO New Energy in a report on Wednesday, October 28th. Weiss Ratings cut shares of DAQO New Energy from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, October 19th. The Goldman Sachs Group downgraded shares of DAQO New Energy from a “neutral” rating to a “sell” rating and set a $10.00 price target on the stock. in a research note on Monday, August 24th. Finally, Zacks Research raised DAQO New Energy from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 29th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $13.73.

DAQO New Energy Stock Performance

The stock has a 50-day simple moving average of $11.45 and a 200 day simple moving average of $16.88. The stock has a market capitalization of $812.65 million, a P/E ratio of -3.53 and a beta of 0.50.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new stake in DAQO New Energy during the 1st quarter worth $3,285,000. Hsbc Holdings PLC boosted its position in 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 acquiring an additional 13,970 shares during the last quarter. Cygnus Capital Advisors LLC acquired a new stake in DAQO New Energy in the 2nd quarter valued at $724,000. Bank of New York Mellon Corp boosted its position in DAQO New Energy by 7.6% during 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 purchasing an additional 2,122 shares during the last quarter. Finally, Himension Capital Singapore PTE. LTD. bought a new stake in DAQO New Energy during the first quarter worth $521,000. Institutional investors and hedge funds own 47.22% of the company’s stock.

DAQO New Energy Company Profile

Daqo New Energy Corp. (NYSE: DQ) is a China-based manufacturer of high-purity polysilicon, a key raw material used to produce solar photovoltaic wafers, cells and modules. Through its operating subsidiaries, the company produces polysilicon in grades used primarily for monocrystalline and multicrystalline solar applications.

The company’s production operations are located in China, including facilities in Xinjiang. Its products are supplied to manufacturers in the solar photovoltaic industry, primarily within China’s extensive solar manufacturing supply chain, with the company serving customers in other markets through industry sales and distribution relationships.

Daqo New Energy was founded in 2007 and completed its initial public offering on the New York Stock Exchange in 2010.