JinkoSolar (NYSE:JKS) Shares Gap Down – What’s Next?

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.

Analyst Upgrades and Downgrades

JKS has been the topic of a number of recent analyst reports. Jefferies Financial Group increased their price objective on shares of JinkoSolar from $36.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Glj Research cut their price target 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, Daiwa Capital Markets downgraded JinkoSolar from an “underperform” rating to a “sell” rating in a report on Friday, January 10th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, JinkoSolar presently has an average rating of “Hold” and a consensus target price of $28.79.

JinkoSolar Price Performance

The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 38.30 and a beta of 0.27. 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’s 50 day moving average is $23.05 and its 200 day moving average is $22.69.

Institutional Trading of JinkoSolar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio grew its stake in JinkoSolar by 42.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 49,365 shares of the semiconductor company’s stock worth $1,229,000 after buying an additional 14,765 shares during the last quarter. Twinbeech Capital LP grew its position in shares of JinkoSolar by 219.9% during the fourth quarter. Twinbeech Capital LP now owns 25,960 shares of the semiconductor company’s stock worth $646,000 after acquiring an additional 17,846 shares during the last quarter. Millennium Management LLC acquired a new position in shares of JinkoSolar in the 4th quarter valued at $2,846,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in JinkoSolar by 85.1% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 8,697 shares of the semiconductor company’s stock valued at $217,000 after purchasing an additional 3,998 shares during the last quarter. Finally, CoreCommodity Management LLC boosted its stake in JinkoSolar by 1.1% during the 4th quarter. CoreCommodity Management LLC now owns 61,559 shares of the semiconductor company’s stock worth $1,533,000 after purchasing an additional 640 shares during the period. Institutional investors and hedge funds 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.