Smart Money Not Waiting Around for JinkoSolar Holding Co., Ltd. (JKS) to Recharge

Seeing as JinkoSolar Holding Co., Ltd. (NYSE:JKS) has experienced bearish sentiment from the smart money, we can see that there lies a certain “tier” of money managers who were dropping their positions entirely by the end of the third quarter. Interestingly, Joshua Friedman and Mitchell Julis’ Canyon Capital Advisors dropped the biggest stake of all the hedgies followed by Insider Monkey, valued at about $33.2 million in stock, and Michael R. Weisberg’s Crestwood Capital Management was right behind this move, as the fund cut about $12.9 million worth of shares. These bearish behaviors are interesting, as total hedge fund interest dropped by 6 funds by the end of the third quarter.

Let’s also examine hedge fund activity in other stocks similar to JinkoSolar Holding Co., Ltd. (NYSE:JKS). We will take a look at CVR Partners LP (NYSE:UAN), Sierra Wireless, Inc. (USA) (NASDAQ:SWIR), Cynosure, Inc. (NASDAQ:CYNO), and Affymetrix, Inc. (NASDAQ:AFFX). This group of stocks’ market caps match JKS’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
UAN 5 2100 0
SWIR 9 17904 0
CYNO 18 77202 3
AFFX 24 139583 2

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $59 million. That figure was $46 million in JKS’s case. Affymetrix, Inc. (NASDAQ:AFFX) is the most popular stock in this table. On the other hand CVR Partners LP (NYSE:UAN) is the least popular one with only 5 bullish hedge fund positions. JinkoSolar Holding Co., Ltd. (NYSE:JKS) is not the least popular stock in this group but hedge fund interest is still below average and fell heavily in the third quarter. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard AFFX might be a better candidate to consider a long position in.