Daqo New Energy (NYSE:DQ) stock is rising higher on Monday as one analyst calls it out as a top pick in the polysilicon category.
Jefferies analyst Johnson Wan is behind today’s news affecting DQ stock. According to him, the company is poised for capacity growth in 2022 and believes”booming solar demand could continue to be constrained by poly in 2022.”
It’s worth pointing out that this update comes as the analyst lowers their price target for DQ stock. This dropped it to $139.10 from $146.50. The analyst consensus price target is $97.96 per share.
Daqo New Energy is a manufacturer of monocrystalline silicon and polysilicon. These are primarily used in solar photovoltaic systems, which ties DQ stock to solar companies. In fact, it’s rising alongside several solar stocks today.
The increase in solar stocks today is happening for a few reasons. Chief among them are concerns about energy shortages around the world. This has investors seeking alternatives, such as solar energy. You can learn more about that news and how it’s affecting solar stocks at this link!
In the case of DQ stock, today’s news has it seeing some decent trading today. As of this writing, about 1.5 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is about 2.3 million shares.
DQ stock was up 11.6% as of Monday afternoon but is only up slightly since the start of the year.
Investors looking for more stock market news today will want to keep reading!
InvestorPlace has all the latest stock market coverage that traders will want to know about today. A few examples of that include Sofi Technologies (NASDAQ:SOFI) gaining today, Southwest Airlines (NYSE:LUV) cancellations making the news, as well as Protagonist Therapeutics (NASDAQ:PTGX) getting a boost from some FDA news. You can check out all of this news by following the links below!
More Stock Market News for Monday
- SOFI Stock: The Analyst Call Giving SoFi Technologies Investors Something to Smile About Today
- LUV Stock: Southwest Airlines Seeing Turbulence Over Cancellations and Rumors
- PTGX Stock: The FDA News That Has Protagonist Therapeutics Investors Cheering Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.