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

Key Points

• Shares gapped down premarket — JinkoSolar closed at $24.22, opened at $22.34 and last traded around $20.40 (down about 12.1%) on volume of 363,366 shares.
• Analyst sentiment is weak: one Buy, three Hold and three Sell ratings translate to a MarketBeat consensus of "Reduce" with an average target price of $24.50, amid several recent downgrades and a lone upgrade from Daiwa to Buy ($28.50 target).
• Recent results mixed: the company reported a loss per share of $2.29 that slightly beat estimates of a $2.35 loss, but JinkoSolar still shows a negative net margin (~4.98%), negative ROE (~8.96%) and a market cap of about $1.10 billion.

Shares of JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $24.22, but opened at $22.34. JinkoSolar shares last traded at $20.4020, with a volume of 363,366 shares traded.

Analyst Upgrades and Downgrades

JKS has been the subject of a number of research reports. Zacks Research downgraded shares of JinkoSolar from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, February 11th. Weiss Ratings downgraded shares of JinkoSolar from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Tuesday, April 7th. Wall Street Zen downgraded shares of JinkoSolar from a "hold" rating to a "sell" rating in a research report on Saturday, March 7th. Finally, Daiwa Securities Group raised shares of JinkoSolar from a "sell" rating to a "buy" rating and set a $28.50 target price for the company in a research report on Tuesday, March 24th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, JinkoSolar currently has a consensus rating of "Reduce" and an average target price of $24.50.

JinkoSolar Stock Down 12.1%

The company has a market capitalization of $1.10 billion, a PE ratio of -2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 1.07, a quick ratio of 1.02 and a current ratio of 1.30. The stock's 50 day moving average is $25.42 and its 200 day moving average is $25.81.

JinkoSolar (NYSE:JKS - Get Free Report) last announced its quarterly earnings results on Thursday, April 16th. The semiconductor company reported ($2.29) EPS for the quarter, beating analysts' consensus estimates of ($2.35) by $0.06. JinkoSolar had a negative net margin of 4.98% and a negative return on equity of 8.96%. On average, sell-side analysts anticipate that JinkoSolar Holding Company Limited will post -0.24 EPS for the current fiscal year.

Institutional Trading of JinkoSolar

A number of institutional investors have recently modified their holdings of the business. Invesco Ltd. lifted its stake in shares of JinkoSolar by 15.4% during the 4th quarter. Invesco Ltd. now owns 1,604,250 shares of the semiconductor company's stock valued at $41,406,000 after buying an additional 213,935 shares in the last quarter. Mackenzie Financial Corp lifted its stake in JinkoSolar by 1.5% in the 4th quarter. Mackenzie Financial Corp now owns 1,381,478 shares of the semiconductor company's stock worth $36,289,000 after purchasing an additional 20,000 shares in the last quarter. State Street Corp lifted its stake in JinkoSolar by 8.0% in the 4th quarter. State Street Corp now owns 735,159 shares of the semiconductor company's stock worth $18,978,000 after purchasing an additional 54,661 shares in the last quarter. Legal & General Group Plc lifted its stake in JinkoSolar by 9,212.1% in the 4th quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company's stock worth $12,904,000 after purchasing an additional 494,595 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in JinkoSolar by 35.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 414,228 shares of the semiconductor company's stock worth $10,691,000 after purchasing an additional 108,744 shares in the last quarter. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

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.

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