JinkoSolar (NYSE:JKS) Stock Price Down 5.9% - Here's Why

JinkoSolar Holding Co., Ltd. (NYSE:JKS - Get Free Report) dropped 5.9% during mid-day trading on Tuesday . The company traded as low as $23.15 and last traded at $23.15. Approximately 389,786 shares were traded during trading, a decline of 50% from the average daily volume of 775,656 shares. The stock had previously closed at $24.59.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on JKS shares. StockNews.com raised shares of JinkoSolar from a "sell" rating to a "hold" rating in a report on Wednesday, September 18th. Jefferies Financial Group upped their price objective on shares of JinkoSolar from $36.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Finally, Daiwa Capital Markets lowered shares of JinkoSolar from an "underperform" rating to a "sell" rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, JinkoSolar has a consensus rating of "Hold" and an average target price of $31.33.

JinkoSolar Price Performance

The company has a current ratio of 1.22, a quick ratio of 0.97 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 39.81 and a beta of 0.30. The company has a 50 day moving average price of $24.70 and a 200 day moving average price of $22.51.

Institutional Investors Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its stake in shares of JinkoSolar by 108.0% in the 3rd quarter. Signaturefd LLC now owns 1,246 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 647 shares during the last quarter. Barclays PLC increased its stake in JinkoSolar by 30.2% in the third quarter. Barclays PLC now owns 2,318 shares of the semiconductor company's stock valued at $62,000 after purchasing an additional 537 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of JinkoSolar by 607.7% during the second quarter. Headlands Technologies LLC now owns 4,048 shares of the semiconductor company's stock worth $84,000 after purchasing an additional 3,476 shares in the last quarter. Banque Cantonale Vaudoise grew its holdings in shares of JinkoSolar by 198.1% in the 3rd quarter. Banque Cantonale Vaudoise now owns 7,923 shares of the semiconductor company's stock valued at $212,000 after buying an additional 5,265 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in shares of JinkoSolar by 15.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,800 shares of the semiconductor company's stock valued at $236,000 after buying an additional 1,200 shares in the last quarter. Institutional investors own 35.82% of the company's stock.

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.