Shares of Daqo New Energy Corp. (NYSE: DQ), a leading polysilicon manufacturer for the solar industry, soared by an impressive 8.72% on Wednesday, October 31st, 2024, as the company received a boost from a combination of favorable developments.

Firstly, the company announced the appointment of Xiaoyu Xu as the new Deputy Chief Executive Officer, effective immediately. Xiaoyu Xu, the daughter of Chairman and CEO Xiang Xu, has been serving as the company's Investor Relations Director and Board Secretary since May 2023. Her promotion to the Deputy CEO role is expected to strengthen Daqo's corporate strategy and drive its next phase of growth as the company aims to capitalize on significant opportunities in the renewable energy transition.

Additionally, Daiwa Securities, a prominent financial research firm, upgraded its rating on Daqo New Energy to "Outperform" from "Hold," citing price targets ranging from $4.85 to $35.54 according to analysts polled by Capital IQ. This analyst upgrade likely fueled investor enthusiasm and contributed to the stock's surge, reflecting growing confidence in Daqo's future prospects within the solar industry. Furthermore, Daqo New Energy reported narrowed net losses of $60.7 million for the third quarter of 2024, indicating improvements amid the ongoing challenges in the solar market. The company's ability to mitigate losses and maintain its position as one of the world's lowest-cost producers of high-purity polysilicon could be bolstering investor confidence in its long-term outlook.