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

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

Analyst Ratings Changes

JKS has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of JinkoSolar from a “hold (c-)” rating to a “sell (d)” rating in a report on Wednesday, May 6th. UBS Group boosted their target price on shares of JinkoSolar from $23.00 to $24.00 and gave the stock a “neutral” rating in a report on Friday. 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 downgraded shares of JinkoSolar from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Finally, Wall Street Zen upgraded shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. One equities 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $24.38.

JinkoSolar Stock Performance

The company has a debt-to-equity ratio of 1.16, a current ratio of 1.26 and a quick ratio of 0.95. The stock’s 50-day simple moving average is $23.58 and its 200 day simple moving average is $25.52. The stock has a market capitalization of $1.19 billion, a P/E ratio of -2.33 and a beta of 0.52.

JinkoSolar (NYSE:JKS) last released its quarterly earnings data on Wednesday, April 29th. The semiconductor company reported ($1.52) EPS for the quarter, topping analysts’ consensus estimates of ($1.84) by $0.32. JinkoSolar had a negative net margin of 5.62% and a negative return on equity of 9.52%. Research analysts expect that JinkoSolar Holding Company Limited will post -2.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other JinkoSolar news, Director Xianhua Li sold 1,280,000 shares of JinkoSolar stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $25.53, for a total transaction 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 $264,225,594.36. The trade was a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Wing Keong Siew sold 16,000 shares of JinkoSolar stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $26.11, for a total transaction of $417,760.00. Following the transaction, the director directly owned 186,000 shares of the company’s stock, valued at approximately $4,856,460. This trade represents a 7.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 19.80% of the company’s stock.

Hedge Funds Weigh In On JinkoSolar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in shares of JinkoSolar in the second quarter valued at about $47,000. Banque Cantonale Vaudoise bought a new stake in shares of JinkoSolar in the fourth quarter valued at about $58,000. Leonteq Securities AG bought a new stake in shares of JinkoSolar in the fourth quarter valued at about $101,000. Federation des caisses Desjardins du Quebec boosted its position 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 acquiring an additional 5,211 shares during the period. Finally, New York State Common Retirement Fund bought a new stake in shares of JinkoSolar in the third quarter valued at about $182,000. 35.82% of the stock is owned by institutional investors.

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.