JinkoSolar (NYSE:JKS) Stock Price Down 6.8% – Here’s Why

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) traded down 6.8% on Tuesday . The company traded as low as $20.91 and last traded at $21.13. 341,533 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 1,073,451 shares. The stock had previously closed at $22.66.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Roth Mkm dropped their price objective on JinkoSolar from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. The Goldman Sachs Group lowered their price target on JinkoSolar from $21.00 to $18.00 and set a “sell” rating on the stock in a research note on Tuesday, September 3rd. Finally, StockNews.com raised JinkoSolar from a “sell” rating to a “hold” rating in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $24.60.

JinkoSolar Stock Performance

The firm has a market cap of $1.13 billion, a PE ratio of 35.81 and a beta of 0.44. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.22 and a quick ratio of 0.97. The stock has a 50-day moving average price of $22.58 and a 200 day moving average price of $22.70.

JinkoSolar (NYSE:JKS) last issued its quarterly earnings data on Friday, August 30th. The semiconductor company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.92. JinkoSolar had a return on equity of 4.18% and a net margin of 0.53%. The company had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.85 billion. Research analysts forecast that JinkoSolar Holding Co., Ltd. will post -0.42 earnings per share for the current year.

Hedge Funds Weigh In On JinkoSolar

Institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of JinkoSolar by 31.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,588 shares of the semiconductor company’s stock valued at $1,300,000 after purchasing an additional 12,464 shares in the last quarter. Banco BTG Pactual S.A. acquired a new position in JinkoSolar during the first quarter worth $207,000. Vanguard Group Inc. boosted its holdings in JinkoSolar by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,591,101 shares of the semiconductor company’s stock valued at $40,080,000 after acquiring an additional 14,491 shares during the period. Tidal Investments LLC boosted its holdings in JinkoSolar by 4.0% during the first quarter. Tidal Investments LLC now owns 21,629 shares of the semiconductor company’s stock valued at $545,000 after acquiring an additional 825 shares during the period. Finally, Boston Partners bought a new stake in JinkoSolar during the first quarter valued at about $575,000. 35.82% of the stock is owned by institutional investors.

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.