JinkoSolar (NYSE:JKS) Shares Down 3.6% - Here's What Happened

Key Points

• JinkoSolar's shares fell by 3.6% during trading on Wednesday, closing at $25.11 after hitting a low of $25.02.
• Wall Street analysts have a mixed outlook on the stock, with one upgrading it to a "hold" rating but a consensus rating of "Reduce" and a price target of $28.99.
• Various institutional investors have recently adjusted their stakes in JinkoSolar, with ownership by institutional investors now at 35.82%.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) shares were down 3.6% during trading on Wednesday . The company traded as low as $25.02 and last traded at $25.11. Approximately 155,012 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 747,726 shares. The stock had previously closed at $26.06.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of JinkoSolar from a "sell" rating to a "hold" rating in a report on Sunday, September 7th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus price target of $28.99.

JinkoSolar Stock Performance

The stock's fifty day moving average price is $23.37 and its two-hundred day moving average price is $20.69. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.07 and a current ratio of 1.33. The company has a market cap of $1.31 billion, a P/E ratio of -5.06 and a beta of 0.13.

Hedge Funds Weigh In On JinkoSolar

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MTM Investment Management LLC bought a new position in JinkoSolar in the 2nd quarter valued at approximately $28,000. Banque Cantonale Vaudoise bought a new position in JinkoSolar in the 1st quarter valued at approximately $36,000. Raymond James Financial Inc. bought a new position in JinkoSolar in the 2nd quarter valued at approximately $47,000. Geode Capital Management LLC lifted its stake in JinkoSolar by 9.9% in the 2nd quarter. Geode Capital Management LLC now owns 37,671 shares of the semiconductor company's stock valued at $799,000 after purchasing an additional 3,394 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in JinkoSolar by 18.2% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 23,449 shares of the semiconductor company's stock valued at $498,000 after purchasing an additional 3,608 shares during the last quarter. Institutional investors own 35.82% of the company's stock.

JinkoSolar Company Profile

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.

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