JinkoSolar (NYSE:JKS) Stock Price Down 7.2% – Here’s Why

JinkoSolar Holding Company Limited (NYSE:JKS)’s stock price fell 7.2% on Monday . The stock traded as low as $21.55 and last traded at $21.6370. 332,763 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 705,963 shares. The stock had previously closed at $23.31.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Daiwa Securities Group upgraded shares of JinkoSolar from a “sell” rating to a “buy” rating and set a $28.50 target price on the stock in a report on Tuesday, March 24th. Zacks Research cut shares of JinkoSolar from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Wall Street Zen upgraded shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Freedom Capital upgraded shares of JinkoSolar from a “hold” rating to a “strong-buy” rating in a report on Friday, April 17th. Finally, UBS Group boosted their target price on shares of JinkoSolar from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, JinkoSolar has an average rating of “Hold” and a consensus price target of $24.38.

JinkoSolar Trading Down 7.2%

The firm has a 50-day moving average price of $23.62 and a 200-day moving average price of $25.56. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.95 and a current ratio of 1.26. The stock has a market cap of $1.13 billion, a PE ratio of -2.22 and a beta of 0.52.

JinkoSolar (NYSE:JKS) last posted its quarterly earnings results on Wednesday, April 29th. The semiconductor company reported ($1.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.84) by $0.32. JinkoSolar had a negative return on equity of 9.52% and a negative net margin of 5.62%. As a group, equities analysts anticipate that JinkoSolar Holding Company Limited will post -2.76 EPS for the current fiscal year.

Insider Activity

In other news, Director Wing Keong Siew sold 16,000 shares of JinkoSolar stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $26.11, for a total value of $417,760.00. Following the completion of the transaction, the director owned 186,000 shares of the company’s stock, valued at $4,856,460. The trade was a 7.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Xianhua Li sold 1,280,000 shares of JinkoSolar stock in a transaction dated 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 transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. 19.80% of the stock is owned by insiders.

Hedge Funds Weigh In On JinkoSolar

A number of hedge funds have recently bought and sold shares of the business. Invesco Ltd. raised its position in JinkoSolar by 15.4% in the 4th quarter. Invesco Ltd. now owns 1,604,250 shares of the semiconductor company’s stock worth $41,406,000 after buying an additional 213,935 shares during the last quarter. Mackenzie Financial Corp raised its position in JinkoSolar by 1.5% in the 4th quarter. Mackenzie Financial Corp now owns 1,381,478 shares of the semiconductor company’s stock worth $36,289,000 after buying an additional 20,000 shares during the last quarter. Dimensional Fund Advisors LP raised its position in JinkoSolar by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company’s stock worth $21,449,000 after buying an additional 3,118 shares during the last quarter. State Street Corp raised its position in JinkoSolar by 8.0% in the 4th quarter. State Street Corp now owns 735,159 shares of the semiconductor company’s stock worth $18,978,000 after buying an additional 54,661 shares during the last quarter. Finally, Legal & General Group Plc raised its position in JinkoSolar by 9,212.1% in the 4th quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company’s stock worth $12,904,000 after buying an additional 494,595 shares during the last quarter. Hedge funds and other 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.