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

JinkoSolar Holding Co., Ltd. (NYSE:JKS - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $19.28, but opened at $18.69. JinkoSolar shares last traded at $19.00, with a volume of 40,105 shares traded.

Analysts Set New Price Targets

JKS has been the subject of several analyst reports. Citigroup downgraded shares of JinkoSolar from a "buy" rating to a "sell" rating in a research note on Monday, May 5th. The Goldman Sachs Group reduced their price target on shares of JinkoSolar from $20.00 to $18.00 and set a "sell" rating on the stock in a research report on Thursday, March 27th. Finally, UBS Group decreased their price target on JinkoSolar from $25.00 to $22.00 and set a "neutral" rating for the company in a research note on Thursday, March 27th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $27.19.

JinkoSolar Price Performance

The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.97 and a current ratio of 1.22. The company's fifty day moving average price is $17.75 and its 200 day moving average price is $21.10. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of 33.03 and a beta of 0.18.

JinkoSolar (NYSE:JKS - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported ($2.85) EPS for the quarter, missing analysts' consensus estimates of ($1.45) by ($1.40). JinkoSolar had a net margin of 0.53% and a return on equity of 4.18%. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same period in the prior year, the company posted $1.34 earnings per share. JinkoSolar's quarterly revenue was down 39.9% compared to the same quarter last year. Equities research analysts expect that JinkoSolar Holding Co., Ltd. will post -0.24 earnings per share for the current year.

JinkoSolar Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 16th. Shareholders of record on Wednesday, July 2nd will be given a $0.325 dividend. This represents a $1.30 annualized dividend and a yield of 6.67%. JinkoSolar's payout ratio is currently -29.48%.

Institutional Investors Weigh In On JinkoSolar

Several institutional investors have recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in JinkoSolar during the first quarter valued at approximately $36,000. CANADA LIFE ASSURANCE Co bought a new position in shares of JinkoSolar during the 4th quarter valued at $55,000. SBI Securities Co. Ltd. acquired a new stake in shares of JinkoSolar in the 4th quarter valued at $119,000. New York State Common Retirement Fund acquired a new stake in shares of JinkoSolar in the 4th quarter valued at $132,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in JinkoSolar by 502.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 5,470 shares of the semiconductor company's stock worth $102,000 after purchasing an additional 4,562 shares in the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

About JinkoSolar

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.