DAQO New Energy Corp. (NYSE:DQ) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has reduced its stake in DAQO New Energy Corp. by 8.7%, now owning about 2.79% of the company, equivalent to 1,840,354 shares worth approximately $33.3 million.
• DAQO New Energy reported a quarterly earnings EPS of ($1.07), missing analysts' estimates, with revenue also falling short at $123.91 million compared to expectations of $176.81 million.
• Analyst sentiment for DAQO has shifted, with Goldman Sachs and HSBC downgrading their ratings to "neutral" and "hold," respectively, setting price targets of $17.00 and $14.00.

Mackenzie Financial Corp reduced its position in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 8.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,840,354 shares of the semiconductor company's stock after selling 175,384 shares during the quarter. Mackenzie Financial Corp owned approximately 2.79% of DAQO New Energy worth $33,329,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of DQ. Diametric Capital LP grew its holdings in DAQO New Energy by 25.5% during the 4th quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company's stock worth $311,000 after acquiring an additional 3,255 shares during the last quarter. Polymer Capital Management HK LTD bought a new stake in shares of DAQO New Energy during the fourth quarter valued at approximately $404,000. Nuveen Asset Management LLC increased its holdings in shares of DAQO New Energy by 16.7% in the fourth quarter. Nuveen Asset Management LLC now owns 39,200 shares of the semiconductor company's stock valued at $762,000 after purchasing an additional 5,600 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in DAQO New Energy by 37.2% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 45,788 shares of the semiconductor company's stock valued at $890,000 after buying an additional 12,409 shares during the last quarter. Finally, Symmetry Investments LP acquired a new stake in shares of DAQO New Energy in the 4th quarter valued at $1,040,000. Institutional investors and hedge funds own 47.22% of the company's stock.

DAQO New Energy Trading Down 5.1%

Shares of DAQO New Energy stock traded down $1.10 on Friday, hitting $20.66. The stock had a trading volume of 875,308 shares, compared to its average volume of 996,532. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -3.17 and a beta of 0.60. DAQO New Energy Corp. has a 52-week low of $12.40 and a 52-week high of $30.85. The company's 50 day moving average price is $17.14 and its 200 day moving average price is $17.23.

DAQO New Energy (NYSE:DQ - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported ($1.07) EPS for the quarter, missing analysts' consensus estimates of ($1.02) by ($0.05). The firm had revenue of $123.91 million during the quarter, compared to analyst estimates of $176.81 million. DAQO New Energy had a negative net margin of 58.63% and a negative return on equity of 7.16%. Analysts predict that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group lowered shares of DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 price objective on the stock. in a report on Tuesday, April 15th. Hsbc Global Res cut DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 30th. Glj Research raised shares of DAQO New Energy from a "sell" rating to a "buy" rating and set a $30.51 price target for the company in a research note on Thursday, July 10th. Citigroup initiated coverage on shares of DAQO New Energy in a research report on Friday, July 18th. They issued a "buy" rating and a $27.00 target price for the company. Finally, Wall Street Zen upgraded shares of DAQO New Energy to a "sell" rating in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.22.

About DAQO New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.