JinkoSolar (NYSE:JKS) Trading Down 5.5% - Should You Sell?

Key Points

• JinkoSolar's stock experienced a significant decline of 5.5%, dropping to $23.21, with trading volume decreasing by 83% compared to its average daily volume.
• Multiple analysts have downgraded JinkoSolar, with most recent ratings reflecting a consensus of "Strong Sell" and a target price of $28.99.
• Institutional investors hold 35.82% of JinkoSolar's stock, with various hedge funds making recent investments and adjustments to their positions.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report)'s share price dropped 5.5% on Friday . The company traded as low as $23.25 and last traded at $23.21. Approximately 121,168 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 733,263 shares. The stock had previously closed at $24.57.

Analyst Ratings Changes

JKS has been the subject of a number of research analyst reports. Wall Street Zen cut shares of JinkoSolar from a "hold" rating to a "sell" rating in a research report on Saturday, September 20th. The Goldman Sachs Group increased their price objective on JinkoSolar from $15.00 to $18.00 and gave the stock a "sell" rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of JinkoSolar in a research report on Wednesday. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Strong Sell" and a consensus target price of $28.99.

JinkoSolar Stock Performance

The company's 50 day moving average is $23.75 and its 200-day moving average is $20.97. The firm has a market capitalization of $1.17 billion, a P/E ratio of -4.52 and a beta of 0.44. The company has a quick ratio of 1.07, a current ratio of 1.33 and a debt-to-equity ratio of 1.11.

Institutional Investors Weigh In On JinkoSolar

Hedge funds have recently made changes to their positions in the business. MTM Investment Management LLC purchased a new stake in shares of JinkoSolar during the 2nd quarter worth approximately $28,000. Banque Cantonale Vaudoise bought a new position in JinkoSolar during the first quarter valued at $36,000. Raymond James Financial Inc. purchased a new stake in JinkoSolar in the second quarter worth $47,000. Geode Capital Management LLC increased its holdings in JinkoSolar by 9.9% in the 2nd quarter. Geode Capital Management LLC now owns 37,671 shares of the semiconductor company's stock worth $799,000 after acquiring an additional 3,394 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of JinkoSolar by 18.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 23,449 shares of the semiconductor company's stock worth $498,000 after purchasing an additional 3,608 shares in the last quarter. 35.82% of the stock is currently owned by institutional investors.

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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