JinkoSolar (NYSE:JKS) Downgraded by Zacks Research to "Strong Sell"

Key Points

• Zacks Research downgraded JinkoSolar to “Strong Sell” from “Hold,” while the broader analyst consensus remains “Hold” with a $19.88 price target.
• JinkoSolar shares opened at $12.02, near their 52-week low, after the company reported a quarterly loss of $2.53 per share and revenue of $1.82 billion—both worse than analyst expectations.
• An insider sold 16,000 shares for approximately $263,840, while institutional investors and hedge funds own 35.82% of the company.

JinkoSolar (NYSE:JKS - Get Free Report) was downgraded by Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Thursday, Zacks reports.

A number of other analysts have also issued reports on JKS. Freedom Broker lowered JinkoSolar from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 27th. UBS Group upped their price target on JinkoSolar from $23.00 to $24.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Wall Street Zen downgraded JinkoSolar from a "hold" rating to a "sell" rating in a research note on Saturday, August 29th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of JinkoSolar in a research note on Monday, August 3rd. Finally, Roth Capital dropped their target price on JinkoSolar from $25.00 to $16.00 and set a "neutral" rating on the stock in a report on Thursday, August 27th. One investment 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $19.88.

JinkoSolar Stock Down 1.4%

JKS stock opened at $12.02 on Thursday. JinkoSolar has a 52-week low of $11.95 and a 52-week high of $31.88. The company's 50 day simple moving average is $15.48 and its 200-day simple moving average is $20.48. 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 firm has a market capitalization of $629.49 million, a P/E ratio of -1.29 and a beta of 0.51.

JinkoSolar (NYSE:JKS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The semiconductor company reported ($2.53) EPS for the quarter, missing analysts' consensus estimates of ($0.75) by ($1.78). JinkoSolar had a negative return on equity of 9.93% and a negative net margin of 5.85%.The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.17 billion. As a group, equities research analysts anticipate that JinkoSolar will post -5.63 EPS for the current year.

Insider Buying and Selling

In related news, Director Wing Siew sold 16,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director owned 170,000 shares of the company's stock, valued at approximately $2,803,300. This trade represents a 8.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 19.80% of the company's stock.

Hedge Funds Weigh In On JinkoSolar

Several hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC boosted its stake in shares of JinkoSolar by 355.9% during the 1st quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company's stock worth $4,817,000 after acquiring an additional 147,992 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of JinkoSolar by 96.2% during the 1st quarter. Renaissance Technologies LLC now owns 82,200 shares of the semiconductor company's stock valued at $2,089,000 after acquiring an additional 40,300 shares during the last quarter. Capital Wealth Planning LLC bought a new position in shares of JinkoSolar in the 4th quarter valued at approximately $3,299,000. Legal & General Group Plc raised its stake in shares of JinkoSolar by 9,212.1% in the 4th quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company's stock valued at $12,904,000 after acquiring an additional 494,595 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in JinkoSolar in the 4th quarter worth approximately $209,000. 35.82% of the stock is owned by institutional investors and hedge funds.

JinkoSolar Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source