DAQO New Energy Corp. $DQ Stock Position Decreased by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its stake in DAQO New Energy Corp. (NYSE:DQ) by 35.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,205,954 shares of the semiconductor company’s stock after selling 660,500 shares during the quarter. Mackenzie Financial Corp owned approximately 1.80% of DAQO New Energy worth $33,923,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Allianz Asset Management GmbH acquired a new position in shares of DAQO New Energy in the 3rd quarter valued at $11,673,000. FengHe Fund Management Pte. Ltd. increased its stake in DAQO New Energy by 62.4% in the 3rd quarter. FengHe Fund Management Pte. Ltd. now owns 469,833 shares of the semiconductor company’s stock worth $13,216,000 after purchasing an additional 180,457 shares in the last quarter. Vontobel Holding Ltd. acquired a new stake in DAQO New Energy during the 3rd quarter worth about $1,585,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in DAQO New Energy by 39.1% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 31,364 shares of the semiconductor company’s stock worth $476,000 after buying an additional 8,815 shares during the period. Finally, Luminus Management LLC purchased a new stake in shares of DAQO New Energy in the third quarter valued at $1,125,000. 47.22% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Glj Research downgraded shares of DAQO New Energy from a “buy” rating to a “sell” rating and cut their target price for the stock from $30.51 to $18.13 in a research report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of DAQO New Energy in a report on Monday, December 29th. Finally, New Street Research set a $18.13 price objective on shares of DAQO New Energy in a research note on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $25.43.

DAQO New Energy Stock Up 1.6%

Shares of DQ stock opened at $23.45 on Friday. The company has a market capitalization of $1.57 billion, a P/E ratio of -9.23 and a beta of 0.68. DAQO New Energy Corp. has a 12-month low of $12.40 and a 12-month high of $36.59. The firm has a 50-day moving average price of $25.03 and a 200 day moving average price of $27.87.

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

DAQO New Energy Company Profile

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.