JinkoSolar (NYSE:JKS) Shares Break Below 50-Day Moving Average – Here’s What Happened

JinkoSolar Holding Company Limited (NYSE:JKS)’s stock price 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 changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on JKS shares. Weiss Ratings reiterated a “sell (d)” rating on shares of JinkoSolar in a research report on Friday, October 30th. Roth Capital cut their price objective on JinkoSolar from $16.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, November 2nd. The Goldman Sachs Group set a $11.00 price objective on shares of JinkoSolar in a research report on Thursday, August 27th. UBS Group raised shares of JinkoSolar from a “neutral” rating to a “buy” rating and lowered their target price for the company from $24.00 to $17.00 in a research note on Friday, November 6th. Finally, Zacks Research raised shares of JinkoSolar from a “strong sell” rating to a “hold” rating in a research note on Monday, October 26th. One 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, the company has a consensus rating of “Hold” and an average target price of $14.35.

JinkoSolar Price Performance

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 company has a market capitalization of $500.20 million, a P/E ratio of -1.21 and a beta of 0.39. The business’s fifty day moving average price is $9.62 and its 200-day moving average price is $18.20.

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

Institutional Trading of JinkoSolar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of JinkoSolar by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company’s stock worth $21,449,000 after purchasing an additional 3,118 shares during the last quarter. Himension Capital Singapore PTE. LTD. boosted its stake in JinkoSolar by 5.1% in the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 82,319 shares of the semiconductor company’s stock worth $2,092,000 after purchasing an additional 3,961 shares in the last quarter. Cetera Investment Advisers purchased a new position in JinkoSolar in the first quarter worth about $307,000. Engineers Gate Manager LP bought a new position in shares of JinkoSolar in the second quarter worth approximately $298,000. Finally, Aberdeen Group plc bought a new position in JinkoSolar in the 3rd quarter valued at approximately $275,000. Hedge funds and other institutional investors own 35.82% of the company’s stock.

JinkoSolar Company Profile

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.