Wall Street Zen Upgrades JinkoSolar (NYSE:JKS) to Sell

Key Points

• Wall Street Zen upgraded JinkoSolar from “strong sell” to “sell,” while the broader analyst consensus remains “Hold” with an average price target of $19.88.
• JinkoSolar shares opened at $8.12, near their 12-month low of $8.04, and are well below their 50-day and 200-day moving averages.
• The company reported a significant quarterly loss of $2.53 per share versus the expected $0.75 loss, while revenue of $1.82 billion also missed estimates of $2.17 billion.

JinkoSolar (NYSE:JKS - Get Free Report) was upgraded by Wall Street Zen from a "strong sell" rating to a "sell" rating in a report released on Sunday, Wall Street Zen reports.

A number of other research analysts also recently commented on JKS. The Goldman Sachs Group set a $11.00 target price on JinkoSolar in a research note on Thursday, August 27th. Freedom Broker downgraded JinkoSolar from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Zacks Research lowered JinkoSolar from a "hold" rating to a "strong sell" rating in a report on Thursday, September 3rd. Roth Capital lowered their price target on JinkoSolar from $25.00 to $16.00 and set a "neutral" rating for the company in a research note on Thursday, August 27th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of JinkoSolar in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $19.88.

JinkoSolar Trading Down 2.9%

Shares of NYSE:JKS opened at $8.12 on Friday. The firm has a fifty day moving average of $11.93 and a two-hundred day moving average of $17.23. The firm has a market capitalization of $431.01 million, a P/E ratio of -0.87 and a beta of 0.52. JinkoSolar has a 12-month low of $8.04 and a 12-month high of $31.88. The company has a quick ratio of 0.84, a current ratio of 1.13 and a debt-to-equity ratio of 1.10.

JinkoSolar (NYSE:JKS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 26th. The semiconductor company reported ($2.53) EPS for the quarter, missing the consensus estimate of ($0.75) by ($1.78). JinkoSolar had a negative net margin of 5.85% and a negative return on equity of 10.03%. The company had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $2.17 billion. On average, equities analysts expect that JinkoSolar will post -5.63 EPS for the current fiscal year.

Institutional Investors Weigh In On JinkoSolar

Several institutional investors and hedge funds have recently modified their holdings of JKS. Dimensional Fund Advisors LP boosted its holdings in JinkoSolar by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company's stock worth $21,449,000 after purchasing an additional 3,118 shares in the last quarter. Hsbc Holdings PLC raised its holdings in JinkoSolar by 355.9% during the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company's stock valued at $4,817,000 after buying an additional 147,992 shares in the last quarter. Himension Capital Singapore PTE. LTD. lifted its position in shares of JinkoSolar by 5.1% in the first quarter. Himension Capital Singapore PTE. LTD. now owns 82,319 shares of the semiconductor company's stock worth $2,092,000 after buying an additional 3,961 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of JinkoSolar by 96.2% in the first quarter. Renaissance Technologies LLC now owns 82,200 shares of the semiconductor company's stock worth $2,089,000 after buying an additional 40,300 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in shares of JinkoSolar in the second quarter worth about $298,000. Institutional investors and hedge funds own 35.82% of the company's stock.

JinkoSolar Company Profile

JinkoSolar Holding Co, Ltd. is a global solar photovoltaic (PV) manufacturer that develops, produces and sells solar products for utility-scale, commercial, industrial and residential applications. The company's product portfolio includes silicon wafers, solar cells, PV modules and related energy-storage solutions.

JinkoSolar is known for its n-type TOPCon-based Tiger Neo module series, which is designed to deliver high power output and efficiency. Its products are used in ground-mounted solar power plants as well as distributed-generation systems installed on commercial, industrial and residential properties.

Founded in 2006, JinkoSolar serves customers in China and international markets across Asia-Pacific, Europe, the Middle East, Africa and the Americas.

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