DAQO New Energy Corp. (NYSE:DQ) Sees Significant Drop in Short Interest

DAQO New Energy Corp. (NYSE:DQ) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 2,135,366 shares, a decline of 19.2% from the December 15th total of 2,643,988 shares. Based on an average daily volume of 546,696 shares, the days-to-cover ratio is currently 3.9 days. Currently, 4.2% of the shares of the stock are sold short. Currently, 4.2% of the shares of the stock are sold short. Based on an average daily volume of 546,696 shares, the days-to-cover ratio is currently 3.9 days.

DAQO New Energy Price Performance

NYSE:DQ opened at $24.69 on Wednesday. The company’s 50-day moving average is $30.46 and its two-hundred day moving average is $27.23. DAQO New Energy has a 1-year low of $12.40 and a 1-year high of $36.59. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -4.80 and a beta of 0.60.

DAQO New Energy (NYSE:DQ) last released 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 firm had revenue of $244.60 million for the quarter, compared to analysts’ expectations of $176.78 million. DAQO New Energy had a negative return on equity of 5.89% and a negative net margin of 53.74%. As a group, equities analysts anticipate that DAQO New Energy will post -3.5 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

DQ has been the topic of several research reports. The Goldman Sachs Group set a $18.30 price target on shares of DAQO New Energy and gave the stock a “neutral” rating in a research note on Wednesday, October 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of DAQO New Energy in a research note on Monday, December 29th. Wall Street Zen upgraded DAQO New Energy from a “sell” rating to a “hold” rating in a report on Monday, November 3rd. Finally, Roth Capital set a $30.00 price target on DAQO New Energy and gave the company a “neutral” rating in a report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $27.04.

Institutional Trading of DAQO New Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Millennium Management LLC lifted its position in DAQO New Energy by 1,261.0% in the first quarter. Millennium Management LLC now owns 354,596 shares of the semiconductor company’s stock valued at $6,422,000 after buying an additional 328,541 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of DAQO New Energy by 117.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,159,835 shares of the semiconductor company’s stock worth $21,005,000 after acquiring an additional 625,900 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of DAQO New Energy by 34.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 174,912 shares of the semiconductor company’s stock worth $3,168,000 after purchasing an additional 44,780 shares during the period. Public Employees Retirement System of Ohio increased its holdings in DAQO New Energy by 41.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 46,300 shares of the semiconductor company’s stock valued at $702,000 after purchasing an additional 13,600 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. raised its position in DAQO New Energy by 13.0% in the second quarter. FengHe Fund Management Pte. Ltd. now owns 289,376 shares of the semiconductor company’s stock valued at $4,390,000 after purchasing an additional 33,300 shares during the period. 47.22% of the stock is owned by institutional investors and hedge funds.

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.