Mackenzie Financial Corp Sells 660,500 Shares of DAQO New Energy Corp. $DQ

Mackenzie Financial Corp lowered its holdings in DAQO New Energy Corp. (NYSE:DQ) by 35.4% during the third quarter, Holdings Channel.com reports. The firm owned 1,205,954 shares of the semiconductor company’s stock after selling 660,500 shares during the period. Mackenzie Financial Corp’s holdings in DAQO New Energy were worth $33,923,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Headlands Technologies LLC acquired a new stake in shares of DAQO New Energy in the second quarter valued at $29,000. Pinpoint Asset Management Singapore Pte. Ltd. raised its holdings in shares of DAQO New Energy by 777.7% in the third quarter. Pinpoint Asset Management Singapore Pte. Ltd. now owns 2,633 shares of the semiconductor company’s stock valued at $74,000 after buying an additional 2,333 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in DAQO New Energy during the 3rd quarter worth about $231,000. Dimensional Fund Advisors LP acquired a new position in DAQO New Energy during the 3rd quarter worth about $279,000. Finally, Marex Group plc bought a new stake in DAQO New Energy during the 2nd quarter worth about $356,000. Institutional investors own 47.22% of the company’s stock.

DAQO New Energy Stock Performance

Shares of DQ stock opened at $23.45 on Friday. The firm’s 50 day moving average price is $25.03 and its two-hundred day moving average price is $27.87. DAQO New Energy Corp. has a 52-week low of $12.40 and a 52-week high of $36.59. The stock has a market cap of $1.57 billion, a PE ratio of -9.23 and a beta of 0.68.

DAQO New Energy (NYSE:DQ) last issued its earnings results on Thursday, February 26th. The semiconductor company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.07). The business had revenue of $221.71 million for the quarter, compared to the consensus estimate of $276.94 million. DAQO New Energy had a negative net margin of 25.62% and a negative return on equity of 2.92%. As a group, sell-side analysts predict that DAQO New Energy Corp. will post -3.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

DQ has been the subject of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of DAQO New Energy in a research report on Monday, December 29th. New Street Research set a $18.13 target price on shares of DAQO New Energy in a research report on Tuesday, February 3rd. Finally, Glj Research cut shares of DAQO New Energy from a “buy” rating to a “sell” rating and decreased their price target for the company from $30.51 to $18.13 in a research note on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $25.43.

About DAQO New Energy

DAQO New Energy Corp. operates as a leading manufacturer of high-purity polysilicon and monocrystalline silicon wafers for the global solar photovoltaic industry. The company focuses on serving module makers and integrated solar producers with critical upstream materials, applying proprietary technologies and optimized processes to achieve high product purity and consistently low production costs. Its core offerings include solar-grade polysilicon—used in the ingot casting and wafer slicing stages—and premium mono-silicon wafers, which are a key input for high-efficiency solar cell production.

Founded in the late 2000s and listed on the New York Stock Exchange in 2010, DAQO New Energy established its first polysilicon facility in China’s Xinjiang Uygur Autonomous Region.