JinkoSolar (NYSE:JKS) Shares Gap Down – Here’s What Happened

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) gapped down before the market opened on Thursday . The stock had previously closed at $23.86, but opened at $22.72. JinkoSolar shares last traded at $24.16, with a volume of 246,277 shares traded.

Analyst Upgrades and Downgrades

Several research firms have weighed in on JKS. Daiwa Capital Markets lowered shares of JinkoSolar from an “underperform” rating to a “sell” rating in a report on Friday, January 10th. Jefferies Financial Group upped their price objective on JinkoSolar from $36.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Finally, Glj Research cut their target price on JinkoSolar from $13.08 to $10.95 and set a “sell” rating for the company in a research note on Thursday, January 23rd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $28.79.

JinkoSolar Trading Down 4.5 %

The company has a quick ratio of 0.97, a current ratio of 1.22 and a debt-to-equity ratio of 0.81. The business has a 50-day simple moving average of $23.05 and a 200-day simple moving average of $22.69. The company has a market cap of $1.20 billion, a PE ratio of 38.30 and a beta of 0.27.

Hedge Funds Weigh In On JinkoSolar

A number of hedge funds and other institutional investors have recently bought and sold shares of JKS. CANADA LIFE ASSURANCE Co acquired a new stake in shares of JinkoSolar during the fourth quarter worth about $55,000. Barclays PLC increased its stake in JinkoSolar by 30.2% during the 3rd quarter. Barclays PLC now owns 2,318 shares of the semiconductor company’s stock worth $62,000 after buying an additional 537 shares during the period. SBI Securities Co. Ltd. acquired a new stake in JinkoSolar during the 4th quarter worth approximately $119,000. New York State Common Retirement Fund purchased a new position in JinkoSolar in the 4th quarter valued at approximately $132,000. Finally, Banque Cantonale Vaudoise grew its stake in shares of JinkoSolar by 198.1% in the third quarter. Banque Cantonale Vaudoise now owns 7,923 shares of the semiconductor company’s stock worth $212,000 after acquiring an additional 5,265 shares in the last quarter. 35.82% of the stock is currently owned by hedge funds and other 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.