JinkoSolar (NYSE:JKS) Hits New 12-Month Low – What’s Next?

JinkoSolar Holding Company Limited (NYSE:JKS) hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $9.98 and last traded at $10.03, with a volume of 316791 shares trading hands. The stock had previously closed at $10.48.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Roth Capital decreased their price objective on shares of JinkoSolar from $25.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, August 27th. Zacks Research downgraded shares of JinkoSolar from a “hold” rating to a “strong sell” rating in a research report on Thursday, September 3rd. 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 research note on Friday, May 29th. Wall Street Zen downgraded JinkoSolar from a “hold” rating to a “sell” rating in a research note on Saturday, August 29th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of JinkoSolar in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, JinkoSolar currently has a consensus rating of “Hold” and an average price target of $19.88.

JinkoSolar Stock Down 2.6%

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 business has a 50-day moving average price of $14.11 and a 200-day moving average price of $18.98. The firm has a market cap of $505.63 million, a P/E ratio of -1.03 and a beta of 0.51.

JinkoSolar (NYSE:JKS) last released its quarterly earnings data on Wednesday, August 26th. The semiconductor company reported ($2.53) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.75) by ($1.78). JinkoSolar had a negative return on equity of 9.93% and a negative net margin of 5.85%.The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $2.17 billion. On average, equities analysts forecast that JinkoSolar Holding Company Limited will post -5.63 EPS for the current fiscal year.

Insider Transactions at JinkoSolar

In related news, Director Wing Siew sold 16,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $16.49, for a total value of $263,840.00. Following the completion of the transaction, the director owned 170,000 shares of the company’s stock, valued at $2,803,300. The trade was a 8.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 19.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in JinkoSolar by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company’s stock valued at $21,449,000 after purchasing an additional 3,118 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of JinkoSolar by 9,212.1% in the 4th quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company’s stock valued at $12,904,000 after buying an additional 494,595 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of JinkoSolar by 355.9% in the 1st quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company’s stock worth $4,817,000 after buying an additional 147,992 shares during the last quarter. Capital Wealth Planning LLC bought a new position in shares of JinkoSolar during the 4th quarter worth approximately $3,299,000. Finally, Himension Capital Singapore PTE. LTD. lifted its position in JinkoSolar by 5.1% during the first quarter. Himension Capital Singapore PTE. LTD. now owns 82,319 shares of the semiconductor company’s stock valued at $2,092,000 after acquiring an additional 3,961 shares during the last quarter. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

About JinkoSolar

JinkoSolar Holding Co, Ltd. is a global solar photovoltaic (PV) product manufacturer. Through its principal operating subsidiary, Jiangxi Jinko, the company develops and produces silicon wafers, solar cells, and PV modules used in utility-scale, commercial, industrial, and residential solar power systems. Its product portfolio includes high-efficiency monocrystalline modules marketed under the Tiger and Tiger Neo product families.

JinkoSolar also provides energy storage products and related system solutions, supporting the integration of renewable power into electricity networks and on-site energy systems.