JinkoSolar (NYSE:JKS) Trading Down 5.3% – What’s Next?

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) were down 5.3% during mid-day trading on Wednesday . The company traded as low as $23.59 and last traded at $24.60. Approximately 3,064,901 shares were traded during trading, an increase of 226% from the average daily volume of 940,286 shares. The stock had previously closed at $25.99.

Analyst Ratings Changes

JKS has been the topic of several research reports. StockNews.com upgraded JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. The Goldman Sachs Group decreased their price target on shares of JinkoSolar from $21.00 to $18.00 and set a “sell” rating for the company in a research report on Tuesday, September 3rd. Finally, Roth Mkm cut their price target on shares of JinkoSolar from $25.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.60.

JinkoSolar Price Performance

The company has a quick ratio of 0.79, a current ratio of 1.08 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.30 billion, a P/E ratio of 4.27 and a beta of 0.43. The firm’s fifty day moving average price is $20.45 and its 200-day moving average price is $22.67.

JinkoSolar (NYSE:JKS) last released its quarterly earnings data on Friday, August 30th. The semiconductor company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.05 by $0.92. JinkoSolar had a return on equity of 7.86% and a net margin of 1.65%. The company had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.85 billion. Analysts forecast that JinkoSolar Holding Co., Ltd. will post -0.42 earnings per share for the current year.

JinkoSolar Dividend Announcement

The company also recently announced a Variable dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were issued a $1.50 dividend. The ex-dividend date was Thursday, August 15th. This represents a yield of 15.6%. JinkoSolar’s dividend payout ratio is presently 46.18%.

Institutional Trading of JinkoSolar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Decade Renewable Partners LP purchased a new position in JinkoSolar in the 2nd quarter worth approximately $4,272,000. Millennium Management LLC boosted its position in shares of JinkoSolar by 2,305.1% during the 2nd quarter. Millennium Management LLC now owns 168,911 shares of the semiconductor company’s stock valued at $3,500,000 after acquiring an additional 161,888 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of JinkoSolar by 49.5% in the second quarter. Marshall Wace LLP now owns 447,709 shares of the semiconductor company’s stock valued at $9,277,000 after purchasing an additional 148,268 shares during the period. Point72 Europe London LLP acquired a new position in JinkoSolar in the 2nd quarter valued at about $3,023,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of JinkoSolar by 8.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 981,492 shares of the semiconductor company’s stock valued at $20,357,000 after buying an additional 74,219 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.