JinkoSolar (NYSE:JKS) Stock Price Down 7.7% – What’s Next?

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s stock price fell 7.7% on Monday . The company traded as low as $18.22 and last traded at $18.08. 234,198 shares traded hands during trading, a decline of 77% from the average session volume of 1,036,703 shares. The stock had previously closed at $19.59.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Glj Research decreased their target price on shares of JinkoSolar from $13.08 to $10.95 and set a “sell” rating on the stock in a research note on Thursday, January 23rd. Daiwa Capital Markets downgraded shares of JinkoSolar from an “underperform” rating to a “sell” rating in a research note on Friday, January 10th. Jefferies Financial Group raised their target price on JinkoSolar from $36.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. UBS Group dropped their price objective on JinkoSolar from $25.00 to $22.00 and set a “neutral” rating for the company in a report on Thursday, March 27th. Finally, The Goldman Sachs Group reduced their target price on JinkoSolar from $20.00 to $18.00 and set a “sell” rating on the stock in a research note on Thursday, March 27th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, JinkoSolar has a consensus rating of “Hold” and an average price target of $27.19.

JinkoSolar Price Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 1.22 and a quick ratio of 0.97. The firm has a 50-day simple moving average of $21.66 and a 200 day simple moving average of $23.19. The firm has a market cap of $984.06 million, a PE ratio of 31.38 and a beta of 0.40.

JinkoSolar (NYSE:JKS) last announced its earnings results on Wednesday, March 26th. The semiconductor company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.55). The business had revenue of $20.65 billion for the quarter, compared to the consensus estimate of $3.38 billion. JinkoSolar had a net margin of 0.53% and a return on equity of 4.18%. JinkoSolar’s revenue for the quarter was down 37.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 EPS. As a group, equities analysts expect that JinkoSolar Holding Co., Ltd. will post -0.24 EPS for the current year.

Institutional Investors Weigh In On JinkoSolar

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