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 trimmed its holdings in DAQO New Energy Corp. (NYSE:DQ - Free Report) by 8.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the 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.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CoreCommodity Management LLC grew its stake in DAQO New Energy by 1.6% in the fourth quarter. CoreCommodity Management LLC now owns 134,888 shares of the semiconductor company's stock worth $2,622,000 after purchasing an additional 2,183 shares in the last quarter. Diametric Capital LP grew its stake in DAQO New Energy by 25.5% in the fourth quarter. Diametric Capital LP now owns 16,018 shares of the semiconductor company's stock worth $311,000 after purchasing an additional 3,255 shares in the last quarter. Nuveen Asset Management LLC grew its stake in 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 worth $762,000 after purchasing an additional 5,600 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in DAQO New Energy by 37.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 45,788 shares of the semiconductor company's stock worth $890,000 after purchasing an additional 12,409 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in DAQO New Energy by 9.3% in the fourth quarter. American Century Companies Inc. now owns 210,738 shares of the semiconductor company's stock worth $4,097,000 after purchasing an additional 17,880 shares in the last quarter. 47.22% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. HSBC lowered DAQO New Energy from a "buy" rating to a "hold" rating and set a $14.00 target price for the company. in a report on Wednesday, April 30th. Wall Street Zen upgraded DAQO New Energy to a "sell" rating in a report on Monday, April 21st. The Goldman Sachs Group lowered DAQO New Energy from a "buy" rating to a "neutral" rating and set a $17.00 target price for the company. in a report on Tuesday, April 15th. Hsbc Global Res downgraded DAQO New Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Finally, Citigroup began coverage on DAQO New Energy in a research report on Friday, July 18th. They set a "buy" rating and a $27.00 price target on the stock. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, DAQO New Energy presently has an average rating of "Moderate Buy" and an average target price of $23.22.

DAQO New Energy Stock Performance

NYSE DQ traded down $1.10 on Friday, reaching $20.66. 875,310 shares of the company's stock traded hands, compared to its average volume of 1,810,610. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -3.17 and a beta of 0.60. The stock has a 50 day moving average price of $17.27 and a 200-day moving average price of $17.24. DAQO New Energy Corp. has a fifty-two week low of $12.40 and a fifty-two week high of $30.85.

DAQO New Energy (NYSE:DQ - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported ($1.07) earnings per share 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 return on equity of 7.16% and a negative net margin of 58.63%. As a group, equities research analysts anticipate that DAQO New Energy Corp. will post -3.5 EPS for the current fiscal year.

DAQO New Energy Company Profile

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.