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

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on JKS. The Goldman Sachs Group lowered their target price on JinkoSolar from $21.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, September 3rd. StockNews.com upgraded shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Finally, Roth Mkm reduced their target price on shares of JinkoSolar from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, JinkoSolar has a consensus rating of “Hold” and an average target price of $24.60.

JinkoSolar Stock Performance

The stock has a 50-day moving average price of $23.14 and a 200 day moving average price of $22.48. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 36.68 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.

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

Hedge Funds Weigh In On JinkoSolar

Several large investors have recently bought and sold shares of JKS. Barclays PLC boosted its position in shares of JinkoSolar by 30.2% during the 3rd quarter. Barclays PLC now owns 2,318 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 537 shares in the last quarter. Geode Capital Management LLC raised its position in shares of JinkoSolar by 19.7% during the 3rd quarter. Geode Capital Management LLC now owns 44,613 shares of the semiconductor company’s stock worth $1,197,000 after acquiring an additional 7,333 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in JinkoSolar during the third quarter worth approximately $928,000. State Street Corp boosted its holdings in JinkoSolar by 10.7% in the third quarter. State Street Corp now owns 696,763 shares of the semiconductor company’s stock valued at $18,687,000 after purchasing an additional 67,223 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in JinkoSolar in the third quarter valued at approximately $682,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

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.