JinkoSolar (NYSE:JKS) Rating Lowered to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded JinkoSolar to “sell” from “hold,” while the broader analyst consensus remains “hold” with an average price target of $19.88.
• JinkoSolar reported a significant quarterly loss, posting EPS of -$2.53 versus the -$0.75 consensus estimate, while revenue of $1.82 billion also fell short of the $2.17 billion forecast.
• Shares opened at $13.58, near the company’s 52-week low of $13.04, with the stock trading below both its 50-day and 200-day moving averages.

JinkoSolar (NYSE:JKS - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Other analysts also recently issued research reports about the stock. 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 research report on Friday, May 29th. Roth Capital dropped their target price on shares of JinkoSolar from $25.00 to $16.00 and set a "neutral" rating on the stock in a report on Thursday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of JinkoSolar in a research report on Monday, August 3rd. Finally, The Goldman Sachs Group set a $11.00 price objective on JinkoSolar in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $19.88.

JinkoSolar Trading Up 0.5%

Shares of NYSE JKS opened at $13.58 on Friday. The firm has a 50 day moving average price of $15.96 and a two-hundred day moving average price of $21.02. The stock has a market cap of $711.18 million, a P/E ratio of -1.46 and a beta of 0.52. JinkoSolar has a 52-week low of $13.04 and a 52-week high of $31.88. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.95 and a current ratio of 1.26.

JinkoSolar (NYSE:JKS - Get Free Report) last issued 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 business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.17 billion. JinkoSolar had a negative return on equity of 9.93% and a negative net margin of 5.85%. As a group, equities analysts forecast that JinkoSolar will post -2.76 EPS for the current year.

Insider Buying and Selling

In related news, Director Wing Keong Siew sold 16,000 shares of the company's stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $16.49, for a total transaction of $263,840.00. Following the transaction, the director directly owned 170,000 shares of the company's stock, valued at approximately $2,803,300. This represents a 8.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.80% of the stock is owned by insiders.

Institutional Investors Weigh In On JinkoSolar

Several hedge funds and other institutional investors have recently modified their holdings of JKS. Raymond James Financial Inc. bought a new position in shares of JinkoSolar in the 2nd quarter worth $47,000. Banque Cantonale Vaudoise bought a new stake in JinkoSolar during the 4th quarter valued at $58,000. Leonteq Securities AG acquired a new position in JinkoSolar during the fourth quarter worth $101,000. Federation des caisses Desjardins du Quebec raised its holdings in JinkoSolar by 277.9% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 7,086 shares of the semiconductor company's stock worth $183,000 after buying an additional 5,211 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in shares of JinkoSolar in the fourth quarter valued at $209,000. Institutional investors own 35.82% of the company's stock.

About JinkoSolar

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