JinkoSolar (NYSE:JKS) Shares Down 2.8% on Analyst Downgrade

Posted by Defense World Staff on Apr 12th, 2024

JinkoSolar Holding Co., Ltd. (NYSE:JKS – Get Free Report)’s share price fell 2.8% on Thursday after The Goldman Sachs Group lowered their price target on the stock from $26.00 to $23.00. The Goldman Sachs Group currently has a sell rating on the stock. JinkoSolar traded as low as $24.52 and last traded at $24.62. 87,686 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 918,842 shares. The stock had previously closed at $25.32.

Other equities research analysts have also issued reports about the company. UBS Group cut their price objective on JinkoSolar from $31.00 to $30.00 and set a “neutral” rating for the company in a research note on Thursday, March 21st. Daiwa Capital Markets cut JinkoSolar from an “outperform” rating to a “neutral” rating and set a $25.00 target price on the stock. in a report on Monday, February 5th. Roth Mkm restated a “neutral” rating and set a $25.00 target price (down from $50.00) on shares of JinkoSolar in a report on Thursday, March 21st. HSBC restated a “hold” rating and set a $30.00 target price on shares of JinkoSolar in a report on Monday, February 5th. Finally, Roth Capital cut JinkoSolar from a “buy” rating to a “neutral” rating in a report on Thursday, March 21st. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat, JinkoSolar currently has an average rating of “Hold” and an average target price of $26.60.

Get Our Latest Analysis on JinkoSolar

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in JKS. Mackenzie Financial Corp increased its position in shares of JinkoSolar by 22.6% during the third quarter. Mackenzie Financial Corp now owns 2,678,032 shares of the semiconductor company’s stock worth $78,895,000 after acquiring an additional 493,976 shares during the period. BlackRock Inc. increased its position in shares of JinkoSolar by 16.2% during the first quarter. BlackRock Inc. now owns 2,632,512 shares of the semiconductor company’s stock worth $127,123,000 after acquiring an additional 366,251 shares during the period. Morgan Stanley increased its position in shares of JinkoSolar by 65.7% during the third quarter. Morgan Stanley now owns 2,026,002 shares of the semiconductor company’s stock worth $61,530,000 after acquiring an additional 803,164 shares during the period. Invesco Ltd. increased its holdings in JinkoSolar by 10.0% in the third quarter. Invesco Ltd. now owns 1,657,885 shares of the semiconductor company’s stock valued at $50,350,000 after buying an additional 150,262 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in JinkoSolar by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,576,610 shares of the semiconductor company’s stock valued at $58,240,000 after buying an additional 22,254 shares during the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

JinkoSolar Stock Down 5.3 %

The stock has a market cap of $1.26 billion, a PE ratio of 3.05 and a beta of 0.37. The firm has a fifty day moving average of $25.76 and a 200 day moving average of $29.57. The company has a quick ratio of 0.81, a current ratio of 1.04 and a debt-to-equity ratio of 0.52.

JinkoSolar Company Profile

(Get Free Report)

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; and develops commercial solar power projects.