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

JinkoSolar Holding Company Limited (NYSE:JKS) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $11.42 and last traded at $11.3650, with a volume of 5674 shares traded. The stock had previously closed at $11.45.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Freedom Broker downgraded shares of JinkoSolar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Zacks Research cut shares of JinkoSolar from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 3rd. UBS Group increased their target price on shares of JinkoSolar from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, May 29th. The Goldman Sachs Group set a $11.00 target price on shares of JinkoSolar in a research report on Thursday, August 27th. Finally, Roth Capital lowered their price target on shares of JinkoSolar from $25.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.88.

JinkoSolar Trading Down 0.9%

The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.95 and a current ratio of 1.26. The firm has a 50-day moving average of $15.06 and a 200-day moving average of $19.93. The firm has a market capitalization of $594.14 million, a P/E ratio of -1.23 and a beta of 0.51.

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

Insider Buying and Selling

In related news, Director Wing Siew sold 16,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $16.49, for a total transaction of $263,840.00. Following the completion of the sale, the director directly owned 170,000 shares in the company, valued at $2,803,300. This represents a 8.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 19.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On JinkoSolar

Hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of JinkoSolar during the second quarter valued at about $47,000. Banque Cantonale Vaudoise purchased a new position in JinkoSolar during the 4th quarter valued at about $58,000. Leonteq Securities AG purchased a new position in JinkoSolar during the 4th quarter valued at about $101,000. Federation des caisses Desjardins du Quebec raised its position in JinkoSolar by 277.9% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 7,086 shares of the semiconductor company’s stock valued at $183,000 after purchasing an additional 5,211 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in JinkoSolar during the 4th quarter valued at approximately $209,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

JinkoSolar Company Profile

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.