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

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $16.36, but opened at $15.89. JinkoSolar shares last traded at $16.54, with a volume of 77,270 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have commented on JKS. The Goldman Sachs Group decreased their price objective on shares of JinkoSolar from $20.00 to $18.00 and set a "sell" rating for the company in a research note on Thursday, March 27th. Daiwa Capital Markets cut JinkoSolar from an "underperform" rating to a "sell" rating in a research report on Friday, January 10th. Glj Research lowered their target price on JinkoSolar from $13.08 to $10.95 and set a "sell" rating on the stock in a research note on Thursday, January 23rd. Finally, UBS Group decreased their price objective on shares of JinkoSolar from $25.00 to $22.00 and set a "neutral" rating for the company in a report on Thursday, March 27th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, JinkoSolar presently has an average rating of "Hold" and a consensus 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 stock has a market capitalization of $899.65 million, a PE ratio of 28.65 and a beta of 0.17. The business's 50-day moving average price is $20.06 and its 200 day moving average price is $22.43.

JinkoSolar (NYSE:JKS - Get Free Report) last announced its earnings results on Wednesday, March 26th. The semiconductor company reported ($1.01) earnings per share for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.55). JinkoSolar had a return on equity of 4.18% and a net margin of 0.53%. The business had revenue of $20.65 billion during the quarter, compared to the consensus estimate of $3.38 billion. During the same quarter in the prior year, the company earned $0.54 earnings per share. JinkoSolar's revenue was down 37.1% compared to the same quarter last year. Research analysts forecast that JinkoSolar Holding Co., Ltd. will post -0.24 earnings per share for the current year.

Institutional Trading of JinkoSolar

A number of hedge funds have recently made changes to their positions in JKS. State Street Corp grew its holdings in shares of JinkoSolar by 10.7% during the 3rd quarter. State Street Corp now owns 696,763 shares of the semiconductor company's stock valued at $18,687,000 after purchasing an additional 67,223 shares during the last quarter. Pictet Asset Management Holding SA bought a new stake in JinkoSolar during the 4th quarter valued at approximately $5,948,000. Balyasny Asset Management L.P. lifted its stake in shares of JinkoSolar by 1,592.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 129,385 shares of the semiconductor company's stock valued at $3,222,000 after purchasing an additional 121,740 shares during the period. Millennium Management LLC purchased a new position in JinkoSolar during the fourth quarter valued at $2,846,000. Finally, Hsbc Holdings PLC grew its position in shares of JinkoSolar by 30.6% in the 4th quarter. Hsbc Holdings PLC now owns 102,523 shares of the semiconductor company's stock worth $2,553,000 after buying an additional 24,016 shares during the period. 35.82% of the stock is owned by institutional investors.

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.

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.