JinkoSolar (NYSE:JKS) Stock Price Down 7.7% – Here’s Why

JinkoSolar Holding Company Limited (NYSE:JKS)’s share price was down 7.7% during trading on Thursday . The company traded as low as $24.18 and last traded at $24.0270. Approximately 142,458 shares traded hands during trading, a decline of 79% from the average daily volume of 683,545 shares. The stock had previously closed at $26.04.

Analyst Upgrades and Downgrades

A number of analysts recently commented on JKS shares. Freedom Capital upgraded JinkoSolar from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 17th. Zacks Research cut JinkoSolar from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. Weiss Ratings lowered JinkoSolar from a “hold (c-)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. Daiwa Securities Group raised JinkoSolar from a “sell” rating to a “buy” rating and set a $28.50 price target for the company in a report on Tuesday, March 24th. Finally, Wall Street Zen raised JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $24.13.

JinkoSolar Stock Performance

The stock has a market cap of $1.29 billion, a P/E ratio of -2.54 and a beta of 0.53. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 1.16. The business has a 50 day moving average price of $23.99 and a two-hundred day moving average price of $25.75.

JinkoSolar (NYSE:JKS) last released its quarterly earnings data on Wednesday, April 29th. The semiconductor company reported ($1.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.84) by $0.32. JinkoSolar had a negative return on equity of 9.52% and a negative net margin of 5.62%. On average, sell-side analysts forecast that JinkoSolar Holding Company Limited will post -2.76 earnings per share for the current fiscal year.

Hedge Funds Weigh In On JinkoSolar

A number of hedge funds have recently made changes to their positions in JKS. Legal & General Group Plc boosted its stake in shares of JinkoSolar by 9,212.1% in the fourth quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company’s stock worth $12,904,000 after acquiring an additional 494,595 shares during the period. Invesco Ltd. boosted its stake in JinkoSolar by 15.4% during the fourth quarter. Invesco Ltd. now owns 1,604,250 shares of the semiconductor company’s stock valued at $41,406,000 after buying an additional 213,935 shares during the last quarter. Hsbc Holdings PLC boosted its stake in JinkoSolar by 355.9% during the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company’s stock valued at $4,817,000 after buying an additional 147,992 shares during the last quarter. SG Americas Securities LLC boosted its stake in JinkoSolar by 189.9% during the fourth quarter. SG Americas Securities LLC now owns 194,231 shares of the semiconductor company’s stock valued at $5,013,000 after buying an additional 127,234 shares during the last quarter. Finally, Capital Wealth Planning LLC bought a new position in JinkoSolar during the fourth quarter valued at approximately $3,299,000. Institutional investors own 35.82% of the company’s stock.

About JinkoSolar

JinkoSolar Holding Co, Ltd. (NYSE: JKS) is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world’s largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers.

JinkoSolar’s product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series.