JinkoSolar (NYSE:JKS) Trading Up 8.5% – Here’s What Happened

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares traded up 8.5% on Wednesday . The company traded as high as $22.93 and last traded at $22.60. 260,044 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,067,954 shares. The stock had previously closed at $20.82.

Wall Street Analyst Weigh In

Several brokerages recently commented on JKS. Roth Mkm reduced their target price on shares of JinkoSolar from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. StockNews.com upgraded JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Finally, The Goldman Sachs Group lowered their target price on JinkoSolar from $21.00 to $18.00 and set a “sell” rating on the stock in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $24.60.

JinkoSolar Price Performance

The business has a fifty day moving average price of $23.09 and a 200 day moving average price of $22.53. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 36.78 and a beta of 0.44. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.97 and a current ratio of 1.22.

JinkoSolar (NYSE:JKS) last released its quarterly earnings data on Friday, August 30th. The semiconductor company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.92. JinkoSolar had a net margin of 0.53% and a return on equity of 4.18%. The business had revenue of $3.31 billion during the quarter, compared to analysts’ expectations of $3.85 billion. As a group, research analysts anticipate that JinkoSolar Holding Co., Ltd. will post -0.42 earnings per share for the current year.

Hedge Funds Weigh In On JinkoSolar

Several institutional investors and hedge funds have recently added to or reduced their stakes in JKS. Mackenzie Financial Corp grew its position in shares of JinkoSolar by 1.8% in the 2nd quarter. Mackenzie Financial Corp now owns 2,572,177 shares of the semiconductor company’s stock valued at $53,296,000 after buying an additional 44,661 shares during the last quarter. Vanguard Group Inc. boosted its holdings in JinkoSolar by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,591,101 shares of the semiconductor company’s stock valued at $40,080,000 after acquiring an additional 14,491 shares during the last quarter. Dimensional Fund Advisors LP increased its position in JinkoSolar by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 981,492 shares of the semiconductor company’s stock valued at $20,357,000 after purchasing an additional 74,219 shares during the period. State Street Corp lifted its position in shares of JinkoSolar by 10.7% in the 3rd quarter. State Street Corp now owns 696,763 shares of the semiconductor company’s stock worth $18,687,000 after purchasing an additional 67,223 shares during the period. Finally, Marshall Wace LLP lifted its position in shares of JinkoSolar by 49.5% in the 2nd quarter. Marshall Wace LLP now owns 447,709 shares of the semiconductor company’s stock worth $9,277,000 after purchasing an additional 148,268 shares during the period. 35.82% of the stock is currently owned by institutional investors and hedge funds.

JinkoSolar Company Profile

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.