JinkoSolar (NYSE:JKS) Stock Price Down 4.7% - Here's What Happened

Key Points

• JinkoSolar's stock price experienced a decline of 4.7%, trading as low as $24.12 during mid-day on Friday, a significant drop from its previous close of $25.39.
• Wall Street analysts downgraded the stock from a "hold" to a "sell" rating, resulting in one Buy, one Hold, and four Sell ratings overall, with an average consensus price target of $28.99.
• Institutional investors are becoming more active in JinkoSolar, with notable increases in shareholding, including a 7,759.6% rise in position from JPMorgan Chase & Co.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) shares fell 4.7% during mid-day trading on Friday . The stock traded as low as $24.12 and last traded at $24.20. 143,550 shares were traded during mid-day trading, a decline of 81% from the average session volume of 742,618 shares. The stock had previously closed at $25.39.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded JinkoSolar from a "hold" rating to a "sell" rating in a research report on Saturday, September 20th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus price target of $28.99.

JinkoSolar Trading Down 4.1%

The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -4.85 and a beta of 0.13. 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 firm has a fifty day moving average price of $23.51 and a 200-day moving average price of $20.83.

Institutional Trading of JinkoSolar

Several large investors have recently bought and sold shares of JKS. MTM Investment Management LLC acquired a new stake in JinkoSolar in the second quarter valued at about $28,000. Banque Cantonale Vaudoise bought a new position in JinkoSolar in the first quarter valued at about $36,000. Raymond James Financial Inc. bought a new position in JinkoSolar in the second quarter valued at about $47,000. Caitong International Asset Management Co. Ltd raised its position 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 valued at $102,000 after purchasing an additional 4,562 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in JinkoSolar by 7,759.6% in the second quarter. JPMorgan Chase & Co. now owns 11,082 shares of the semiconductor company's stock valued at $235,000 after purchasing an additional 10,941 shares during the last quarter. 35.82% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.