JinkoSolar (NYSE:JKS) Shares Up 6.3% – Here’s What Happened

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) rose 6.3% during mid-day trading on Monday . The stock traded as high as $17.00 and last traded at $16.71. Approximately 579,417 shares changed hands during trading, a decline of 45% from the average daily volume of 1,048,436 shares. The stock had previously closed at $15.72.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on JKS shares. The Goldman Sachs Group reduced their price objective on shares of JinkoSolar from $20.00 to $18.00 and set a “sell” rating on the stock in a research note on Thursday, March 27th. Glj Research reduced their target price on JinkoSolar from $13.08 to $10.95 and set a “sell” rating on the stock in a report on Thursday, January 23rd. Daiwa Capital Markets lowered shares of JinkoSolar from an “underperform” rating to a “sell” rating in a report on Friday, January 10th. Finally, UBS Group reduced their price objective on shares of JinkoSolar from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, March 27th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $27.19.

JinkoSolar Stock Performance

The company has a debt-to-equity ratio of 0.81, a current ratio of 1.22 and a quick ratio of 0.97. The stock has a fifty day simple moving average of $21.38 and a two-hundred day simple moving average of $23.11. The firm has a market capitalization of $866.69 million, a P/E ratio of 27.64 and a beta of 0.17.

JinkoSolar (NYSE:JKS) last released its quarterly earnings data on Wednesday, March 26th. The semiconductor company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.55). The company had revenue of $20.65 billion during the quarter, compared to the consensus estimate of $3.38 billion. JinkoSolar had a net margin of 0.53% and a return on equity of 4.18%. The business’s revenue was down 37.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 EPS. On average, research analysts predict that JinkoSolar Holding Co., Ltd. will post -0.24 EPS for the current year.

Hedge Funds Weigh In On JinkoSolar

Several institutional investors have recently made changes to their positions in the stock. CANADA LIFE ASSURANCE Co acquired a new stake in shares of JinkoSolar in the 4th quarter valued at about $55,000. Barclays PLC grew its stake in JinkoSolar by 30.2% in the third quarter. Barclays PLC now owns 2,318 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 537 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of JinkoSolar during the fourth quarter valued at approximately $119,000. New York State Common Retirement Fund acquired a new position in shares of JinkoSolar during the fourth quarter worth approximately $132,000. Finally, Jump Financial LLC bought a new position in shares of JinkoSolar in the 4th quarter worth $200,000. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.