JinkoSolar (NYSE:JKS) Stock Price Crosses Below 50 Day Moving Average - Here's Why

Key Points

• JinkoSolar shares fell below their 50-day moving average: The stock traded as low as $9.26 and last stood at $9.42, below its $9.62 average.
• Analyst views are mixed, with a consensus “Hold” rating: The average price target is $14.35, though GLJ Research cut its target to $5.27 and Roth Capital lowered its target to $10.
• In its latest quarter, JinkoSolar reported a smaller-than-expected loss per share of $0.03, but revenue of $2.03 billion fell short of the $2.42 billion consensus estimate.

Shares of JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) passed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $9.62 and traded as low as $9.26. JinkoSolar shares last traded at $9.42, with a volume of 457,576 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Glj Research cut their price objective on shares of JinkoSolar from $12.08 to $5.27 and set a "sell" rating for the company in a report on Tuesday, November 10th. Zacks Research raised shares of JinkoSolar from a "strong sell" rating to a "hold" rating in a report on Monday, October 26th. Wall Street Zen raised shares of JinkoSolar from a "strong sell" rating to a "hold" rating in a report on Saturday, November 7th. Roth Capital dropped their target price on JinkoSolar from $16.00 to $10.00 and set a "neutral" rating on the stock in a research report on Monday, November 2nd. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of JinkoSolar in a report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, JinkoSolar presently has a consensus rating of "Hold" and an average price target of $14.35.

JinkoSolar Stock Down 3.0%

The company has a current ratio of 1.13, a quick ratio of 0.84 and a debt-to-equity ratio of 1.10. The firm has a market cap of $500.20 million, a PE ratio of -1.21 and a beta of 0.39. The stock has a fifty day simple moving average of $9.62 and a two-hundred day simple moving average of $18.20.

JinkoSolar (NYSE:JKS - Get Free Report) last announced its quarterly earnings results on Friday, October 30th. The semiconductor company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($2.11) by $2.08. JinkoSolar had a negative return on equity of 8.83% and a negative net margin of 5.04%. The firm had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.42 billion. As a group, sell-side analysts expect that JinkoSolar Holding Company Limited will post -4.95 EPS for the current fiscal year.

Institutional Trading of JinkoSolar

A number of hedge funds and other institutional investors have recently bought and sold shares of JKS. Dimensional Fund Advisors LP boosted its holdings in JinkoSolar by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company's stock valued at $21,449,000 after purchasing an additional 3,118 shares during the period. Hsbc Holdings PLC increased its holdings in shares of JinkoSolar by 355.9% in the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company's stock worth $4,817,000 after purchasing an additional 147,992 shares during the period. Himension Capital Singapore PTE. LTD. raised its position in shares of JinkoSolar by 5.1% in the first quarter. Himension Capital Singapore PTE. LTD. now owns 82,319 shares of the semiconductor company's stock worth $2,092,000 after buying an additional 3,961 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of JinkoSolar by 96.2% in the first quarter. Renaissance Technologies LLC now owns 82,200 shares of the semiconductor company's stock worth $2,089,000 after buying an additional 40,300 shares in the last quarter. Finally, Cetera Investment Advisers bought a new stake in JinkoSolar during the first quarter valued at $307,000. Institutional investors own 35.82% of the company's stock.

About JinkoSolar

JinkoSolar Holding Co., Ltd. is a solar technology company that manufactures and sells photovoltaic products. Its offerings include solar modules, cells, wafers and silicon ingots, serving customers involved in utility-scale, commercial and residential solar projects. The company operates a vertically integrated manufacturing business, covering several stages of the solar supply chain. Its product portfolio includes high-efficiency modules designed for use in a range of installation types. Founded in 2006 and headquartered in China, JinkoSolar serves markets around the world through international sales and manufacturing operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.