Jest. Trying to mock and import jquery. Getting 'Cannot find module <path to jquery>'

I am using jest to test an application created using a js framework(not react). I am not rendering any
components. However I am using jquery extensively.

The project structure:

App
--web
-----__mocks__
-----__tests__
--------app.test.js
-----libs
--------jquery
------------jquery-3.js

Inside app.test.js

var PATH = '../libs/jquery/jquery3.js';
jest.mock(PATH);
var $ = require(PATH);
global.$ = global.jQuery = $;

it('test suite description', () =>{
    const $ = require(PATH);
    ...and so on
})

When I run the test, I get

cannot find module '../libs/jquery/jquery3.js'

I've spent hours researching documentation & blogs and couldn't find a working solution.