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

JinkoSolar Holding Co., Ltd. (NYSE:JKS - Get Free Report)'s stock price gapped down before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

JKS has been the subject of a number of recent analyst reports. The Goldman Sachs Group lowered their price objective on JinkoSolar from $20.00 to $18.00 and set a "sell" rating for the company in a research note on Thursday, March 27th. UBS Group lowered their price objective on JinkoSolar from $25.00 to $22.00 and set a "neutral" rating for the company in a research note on Thursday, March 27th. Finally, Citigroup lowered JinkoSolar from a "buy" rating to a "sell" rating in a research note on Monday, May 5th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $27.19.

JinkoSolar Trading Down 1.9%

The company has a market cap of $972.05 million, a price-to-earnings ratio of 32.07 and a beta of 0.18. The firm has a 50-day moving average price of $17.65 and a 200 day moving average price of $21.13. The company has a current ratio of 1.22, a quick ratio of 0.97 and a debt-to-equity ratio of 0.81.

JinkoSolar (NYSE:JKS - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported ($2.85) EPS for the quarter, missing the consensus estimate of ($1.45) by ($1.40). The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. JinkoSolar had a return on equity of 4.18% and a net margin of 0.53%. JinkoSolar's revenue was down 39.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.34 EPS. As a group, sell-side analysts forecast that JinkoSolar Holding Co., Ltd. will post -0.24 EPS for the current year.

Institutional Trading of JinkoSolar

A number of hedge funds and other institutional investors have recently modified their holdings of JKS. Himension Capital Singapore PTE. LTD. grew its holdings in shares of JinkoSolar by 472.8% in the 4th quarter. Himension Capital Singapore PTE. LTD. now owns 55,175 shares of the semiconductor company's stock worth $1,374,000 after acquiring an additional 45,542 shares during the last quarter. Northern Trust Corp grew its holdings in shares of JinkoSolar by 58.6% in the 4th quarter. Northern Trust Corp now owns 84,252 shares of the semiconductor company's stock worth $2,098,000 after acquiring an additional 31,130 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of JinkoSolar by 245.8% in the 4th quarter. Bank of New York Mellon Corp now owns 41,445 shares of the semiconductor company's stock worth $1,032,000 after acquiring an additional 29,459 shares during the last quarter. Pictet Asset Management Holding SA acquired a new position in shares of JinkoSolar in the 4th quarter worth $5,948,000. Finally, Capital Wealth Planning LLC acquired a new position in shares of JinkoSolar in the 4th quarter worth $752,000. 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.