JinkoSolar (NYSE:JKS) Shares Down 7.7% – Here’s What Happened

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s share price dropped 7.7% on Monday . The company traded as low as $18.22 and last traded at $18.08. Approximately 234,198 shares traded hands during trading, a decline of 77% from the average daily volume of 1,036,703 shares. The stock had previously closed at $19.59.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on JKS. Daiwa Capital Markets downgraded JinkoSolar from an “underperform” rating to a “sell” rating in a research report on Friday, January 10th. Glj Research reduced their target price on JinkoSolar from $13.08 to $10.95 and set a “sell” rating on the stock in a report on Thursday, January 23rd. UBS Group dropped their price objective on JinkoSolar from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday. The Goldman Sachs Group decreased their target price on JinkoSolar from $20.00 to $18.00 and set a “sell” rating for the company in a research note on Thursday. Finally, Jefferies Financial Group boosted their price target on JinkoSolar from $36.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.19.

JinkoSolar Price Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.97 and a current ratio of 1.22. The stock has a market cap of $981.24 million, a PE ratio of 31.22 and a beta of 0.40. The business has a 50 day moving average price of $21.74 and a two-hundred day moving average price of $23.20.

JinkoSolar (NYSE:JKS) last issued its quarterly earnings results on Wednesday, March 26th. The semiconductor company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.55). JinkoSolar had a return on equity of 4.18% and a net margin of 0.53%. The company had revenue of $20.65 billion during the quarter, compared to analysts’ expectations of $3.38 billion. During the same period last year, the firm posted $0.54 earnings per share. JinkoSolar’s quarterly revenue was down 37.1% compared to the same quarter last year. Research analysts expect that JinkoSolar Holding Co., Ltd. will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On JinkoSolar

A number of hedge funds have recently modified their holdings of JKS. CANADA LIFE ASSURANCE Co purchased a new stake in shares of JinkoSolar in the fourth quarter worth about $55,000. Barclays PLC grew its position in shares of JinkoSolar by 30.2% during the 3rd quarter. Barclays PLC now owns 2,318 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 537 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in JinkoSolar during the fourth quarter valued at approximately $119,000. New York State Common Retirement Fund purchased a new stake in JinkoSolar during the fourth quarter valued at about $132,000. Finally, Jump Financial LLC purchased a new position in shares of JinkoSolar during the 4th quarter valued at about $200,000. Institutional investors own 35.82% of the company’s stock.

JinkoSolar Company Profile

JinkoSolar Holding Co, Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company offers solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It also provides solar system integration services; solar power generation and solar system EPC services; and energy storage system, as well as undertakes solar power projects.