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

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares gapped down before the market opened on Friday . The stock had previously closed at $21.67, but opened at $21.00. JinkoSolar shares last traded at $21.20, with a volume of 169,328 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Roth Mkm decreased their price objective on JinkoSolar from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. StockNews.com raised shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Finally, The Goldman Sachs Group lowered their price target on shares of JinkoSolar from $21.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, JinkoSolar currently has a consensus rating of “Hold” and a consensus target price of $24.60.

JinkoSolar Price Performance

The firm has a market capitalization of $1.13 billion, a PE ratio of 36.78 and a beta of 0.44. The company has a quick ratio of 0.97, a current ratio of 1.22 and a debt-to-equity ratio of 0.81. The stock has a 50-day moving average price of $23.09 and a 200 day moving average price of $22.53.

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

Institutional Investors Weigh In On JinkoSolar

Several institutional investors have recently bought and sold shares of JKS. Signaturefd LLC raised its holdings in shares of JinkoSolar by 108.0% during the third quarter. Signaturefd LLC now owns 1,246 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 647 shares during the last quarter. Barclays PLC increased its position in shares of JinkoSolar by 30.2% during the third quarter. Barclays PLC now owns 2,318 shares of the semiconductor company’s stock worth $62,000 after purchasing an additional 537 shares in the last quarter. Headlands Technologies LLC raised its stake in JinkoSolar by 607.7% in the 2nd quarter. Headlands Technologies LLC now owns 4,048 shares of the semiconductor company’s stock valued at $84,000 after purchasing an additional 3,476 shares during the last quarter. Banque Cantonale Vaudoise lifted its holdings in JinkoSolar by 198.1% in the 3rd quarter. Banque Cantonale Vaudoise now owns 7,923 shares of the semiconductor company’s stock valued at $212,000 after purchasing an additional 5,265 shares in the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in JinkoSolar by 15.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,800 shares of the semiconductor company’s stock worth $236,000 after purchasing an additional 1,200 shares during the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

About JinkoSolar

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.