(NYSE:DQ) shares saw heavy trading volume with 355K shares changing hands on Wednesday. Trading volume was up 98.01% over the stocks average daily volume.
Short traders are feeling a little more bullish on Daqq New Energy recently if you put credence in the fall in short interest. The stock saw a fall in short interest between October 13, 2017 and October 31, 2017 of -9.39%. Short interest fell from 129,067 to 116,952 over that timeframe. With short interest at 116,952 and short average daily volume at 138,818, the short-interest ratio is 1.0 and the short interest percentage is 0.00% as of October 31.
These firms have modified their investment in DQ. As of the end of the quarter Numeric Investors LLC had bought a total of 7,800 shares growing its position 9.9%. The value in dollars increased from $1,636,000 to $2,513,000 a change of $877,000 quarter to quarter. As of quarter end Renaissance Technologies LLC had acquired 153,500 shares growing its stake by 510.0%. The value of the total investment in Daqq New Energy went from $625,000 to $5,328,000 a change of 752.5% for the reporting period.
As of the end of the quarter Luminus Management LLC had disposed of a total of 69,382 shares trimming its holdings by 21.1%. The value of the investment in DQ went from $6,817,000 to $7,516,000 increasing 10.3% since the last quarter. Guggenheim Capital LLC downsized its investment by shedding 51,796 shares a decrease of 14.3% from 06/30/2017 to 09/30/2017. Guggenheim Capital LLC currently owns 309,292 shares worth $8,976,000. The total value of its holdings increased 19.7%.
Equity analyst Roth Capital raised the price target on November 6 boosting the projection from $40.00 to $45.00 and issued a “Buy” recommendation. Roth Capital updated coverage of DQ stating a rating of “Buy” and setting a price target of $40.00.
Equity analyst Roth Capital updated guidance on DQ with a rating of “Buy” and establishing a price target of $35.00. On August 20, 2017 Roth Capital issued a report on DQ and giving a rating of “Buy” and projecting a price target of $35.00.
The company is trading up from yesterday’s close of 39.82. The most current P/E ratio is 8.53 and the market cap is 426.20M. In the last earnings report the EPS was $4.75 with 262.96M shares outstanding.
Daqo New Energy Corp., launched on November 22, 2007, is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Business’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. The Company offers ready-to-use polysilicon, packaged to meet crucible stacking, pulling and solidification needs. The Company offers wafers through its downstream photovoltaic product manufacturing business. The Company also provides wafer original equipment manufacturer (OEM) service to external customers through tolling agreements by processing polysilicon to produce ingot and wafer..