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

JinkoSolar Holding Company Limited (NYSE:JKS)’s share price gapped down before the market opened on Monday . The stock had previously closed at $19.42, but opened at $18.42. JinkoSolar shares last traded at $18.3260, with a volume of 107,025 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on JKS shares. Wall Street Zen upgraded shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings downgraded shares of JinkoSolar from a “hold (c-)” rating to a “sell (d)” rating in a research report on Wednesday, May 6th. Freedom Capital upgraded JinkoSolar from a “hold” rating to a “strong-buy” rating in a report on Friday, April 17th. UBS Group boosted their price target on JinkoSolar from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Finally, Daiwa Securities Group upgraded JinkoSolar from a “sell” rating to a “buy” rating and set a $28.50 price target for the company in a research note on Tuesday, March 24th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $24.38.

JinkoSolar Stock Down 3.6%

The stock has a market cap of $907.57 million, a P/E ratio of -1.78 and a beta of 0.52. The company has a current ratio of 1.26, a quick ratio of 0.95 and a debt-to-equity ratio of 1.16. The firm’s fifty day moving average is $22.00 and its 200 day moving average is $24.76.

JinkoSolar (NYSE:JKS) last released its quarterly earnings results on Wednesday, April 29th. The semiconductor company reported ($1.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.84) by $0.32. The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $2.09 billion. JinkoSolar had a negative net margin of 5.62% and a negative return on equity of 9.52%. As a group, equities research analysts forecast that JinkoSolar Holding Company Limited will post -2.76 EPS for the current year.

JinkoSolar Dividend Announcement

The firm also recently announced an annual dividend, which will be paid on Thursday, July 9th. Investors of record on Monday, June 22nd will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, June 22nd. This represents a yield of 837.0%. JinkoSolar’s dividend payout ratio is presently -15.20%.

Insider Buying and Selling

In other news, Director Xianhua Li sold 1,280,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $25.53, for a total value of $32,678,400.00. Following the completion of the sale, the director directly owned 10,349,612 shares of the company’s stock, valued at approximately $264,225,594.36. This represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wing Keong Siew sold 16,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $26.11, for a total value of $417,760.00. Following the completion of the sale, the director directly owned 186,000 shares of the company’s stock, valued at $4,856,460. This represents a 7.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 19.80% of the company’s stock.

Hedge Funds Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently bought and sold shares of JKS. Raymond James Financial Inc. bought a new stake in JinkoSolar in the 2nd quarter valued at $47,000. Banque Cantonale Vaudoise acquired a new position in shares of JinkoSolar during the fourth quarter valued at about $58,000. Leonteq Securities AG acquired a new position in shares of JinkoSolar during the fourth quarter valued at about $101,000. Federation des caisses Desjardins du Quebec lifted its stake in shares of JinkoSolar by 277.9% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 7,086 shares of the semiconductor company’s stock valued at $183,000 after buying an additional 5,211 shares during the period. Finally, Cornerstone Investment Partners LLC bought a new stake in shares of JinkoSolar in the fourth quarter valued at about $205,000. Institutional investors own 35.82% of the company’s stock.

JinkoSolar Company Profile

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.