JinkoSolar (NYSE:JKS) Trading 5% Higher – Time to Buy?

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares rose 5% during trading on Wednesday . The company traded as high as $23.10 and last traded at $22.93. Approximately 76,677 shares were traded during trading, a decline of 93% from the average daily volume of 1,060,591 shares. The stock had previously closed at $21.83.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. StockNews.com upgraded JinkoSolar from a “sell” rating to a “hold” rating in a research note on Wednesday, September 18th. Roth Mkm lowered their target price on JinkoSolar from $25.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. Finally, The Goldman Sachs Group decreased their price objective on shares of JinkoSolar from $21.00 to $18.00 and set a “sell” rating on the stock in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat, JinkoSolar presently has a consensus rating of “Hold” and an average target price of $24.60.

JinkoSolar Stock Up 2.4 %

The company’s fifty day simple moving average is $23.23 and its 200 day simple moving average is $22.42. The company has a quick ratio of 0.97, a current ratio of 1.22 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $1.19 billion, a PE ratio of 38.37 and a beta of 0.44.

JinkoSolar (NYSE:JKS) last released its earnings results on Friday, August 30th. The semiconductor company reported $0.97 earnings per share 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 firm had revenue of $3.31 billion for the quarter, compared to the consensus estimate of $3.85 billion. Analysts anticipate that JinkoSolar Holding Co., Ltd. will post -0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On JinkoSolar

Several hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its stake in JinkoSolar by 1.8% in the 2nd quarter. Mackenzie Financial Corp now owns 2,572,177 shares of the semiconductor company’s stock worth $53,296,000 after purchasing an additional 44,661 shares in the last quarter. Marshall Wace LLP raised its holdings in 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 acquiring an additional 148,268 shares during the last quarter. Millennium Management LLC lifted its position in JinkoSolar by 2,305.1% in the 2nd quarter. Millennium Management LLC now owns 168,911 shares of the semiconductor company’s stock valued at $3,500,000 after acquiring an additional 161,888 shares in the last quarter. SG Americas Securities LLC boosted its stake in JinkoSolar by 16.0% during the 2nd quarter. SG Americas Securities LLC now owns 21,321 shares of the semiconductor company’s stock valued at $442,000 after purchasing an additional 2,939 shares during the last quarter. Finally, Decade Renewable Partners LP bought a new stake in shares of JinkoSolar in the 2nd quarter worth $4,272,000. 35.82% of the stock is owned by institutional investors.

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.