Daqo New Energy (DQ) Shares Down 17.4%

Daqo New Energy Corp (NYSE:DQ) fell 17.4% during mid-day trading on Tuesday . The company traded as low as $45.09 and last traded at $47.04. 1,092,800 shares traded hands during trading, an increase of 794% from the average session volume of 122,220 shares. The stock had previously closed at $56.95.

A number of research firms recently issued reports on DQ. Zacks Investment Research downgraded shares of Daqo New Energy from a “buy” rating to a “hold” rating in a research note on Monday, August 14th. Roth Capital set a $50.00 target price on shares of Daqo New Energy and gave the company a “buy” rating in a research note on Thursday, November 16th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $51.67.

The company has a market cap of $517.60, a P/E ratio of 7.96, a price-to-earnings-growth ratio of 0.98 and a beta of 2.05. The company has a current ratio of 0.57, a quick ratio of 0.49 and a debt-to-equity ratio of 0.34.

Several institutional investors and hedge funds have recently made changes to their positions in DQ. Boston Partners purchased a new stake in shares of Daqo New Energy in the second quarter valued at $3,625,000. Dymon Asia Capital Ltd. purchased a new stake in shares of Daqo New Energy in the second quarter valued at $2,886,000. Morgan Stanley raised its stake in shares of Daqo New Energy by 243.5% in the first quarter. Morgan Stanley now owns 100,534 shares of the semiconductor company’s stock valued at $1,888,000 after acquiring an additional 71,264 shares during the period. Quentec Asset Management LLC raised its stake in shares of Daqo New Energy by 5.0% in the second quarter. Quentec Asset Management LLC now owns 977,106 shares of the semiconductor company’s stock valued at $20,285,000 after acquiring an additional 46,888 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Daqo New Energy by 29,376.5% in the third quarter. JPMorgan Chase & Co. now owns 28,887 shares of the semiconductor company’s stock worth $852,000 after purchasing an additional 28,789 shares during the last quarter. 27.38% of the stock is currently owned by institutional investors and hedge funds.

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Daqo New Energy Company Profile

Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company’s segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions.

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