JinkoSolar (NYSE:JKS) Shares Gap Down – What’s Next?

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares gapped down before the market opened on Thursday . The stock had previously closed at $23.86, but opened at $22.72. JinkoSolar shares last traded at $24.16, with a volume of 246,277 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Daiwa Capital Markets cut JinkoSolar from an “underperform” rating to a “sell” rating in a report on Friday, January 10th. Glj Research reduced their target price on JinkoSolar from $13.08 to $10.95 and set a “sell” rating for the company in a research report on Thursday, January 23rd. Finally, Jefferies Financial Group boosted their price target on shares of JinkoSolar from $36.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, JinkoSolar has a consensus rating of “Hold” and a consensus target price of $28.79.

JinkoSolar Stock Performance

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 firm has a market cap of $1.27 billion, a P/E ratio of 40.85 and a beta of 0.27. The firm has a fifty day moving average of $23.08 and a 200-day moving average of $22.66.

Institutional Investors Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pictet Asset Management Holding SA acquired a new stake in JinkoSolar during the 4th quarter worth $5,948,000. Balyasny Asset Management L.P. grew its stake in shares of JinkoSolar by 1,592.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 129,385 shares of the semiconductor company’s stock worth $3,222,000 after purchasing an additional 121,740 shares during the period. Millennium Management LLC bought a new stake in JinkoSolar in the fourth quarter valued at about $2,846,000. AI Squared Management Ltd acquired a new position in JinkoSolar in the fourth quarter valued at about $2,336,000. Finally, State Street Corp boosted its holdings in JinkoSolar by 10.7% during the third quarter. State Street Corp now owns 696,763 shares of the semiconductor company’s stock worth $18,687,000 after buying an additional 67,223 shares during the last quarter. 35.82% of the stock is owned by institutional investors.

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.