Shares of Daqo New Energy Corp (DQ) plunged over 5% in pre-market trading on Sunday, as the Chinese solar energy company is expected to report dismal results for the third quarter of 2024.
According to analysts' estimates compiled by LSEG, Daqo New Energy is anticipated to post a 61.2% year-over-year decrease in revenue to $187.927 million for the quarter ending September 30, 2024. The company is also projected to report a loss of 31 cents per share, compared to a profit in the same period last year.
The gloomy forecasts, which suggest a significant deterioration in Daqo New Energy's financial performance, have likely spooked investors and contributed to the stock's pre-market plunge. The company's shares closed at $25.54 on Friday, but analysts' median 12-month price target of $18.00 implies further downside potential.
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