JinkoSolar (NYSE:JKS) Shares Gap Up – Here’s Why

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) gapped up prior to trading on Tuesday . The stock had previously closed at $24.70, but opened at $25.30. JinkoSolar shares last traded at $26.10, with a volume of 881,082 shares changing hands.

Analyst Upgrades and Downgrades

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

JinkoSolar Price Performance

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 stock has a fifty day moving average of $23.48 and a 200-day moving average of $22.35. The firm has a market capitalization of $1.42 billion, a P/E ratio of 45.20 and a beta of 0.35.

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

Institutional Investors Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently modified their holdings of JKS. Decade Renewable Partners LP acquired a new position in shares of JinkoSolar in the second quarter valued at about $4,272,000. Millennium Management LLC increased its holdings in shares of JinkoSolar by 2,305.1% during the second quarter. Millennium Management LLC now owns 168,911 shares of the semiconductor company’s stock worth $3,500,000 after purchasing an additional 161,888 shares during the period. Marshall Wace LLP raised its position in shares of JinkoSolar by 49.5% in the second quarter. Marshall Wace LLP now owns 447,709 shares of the semiconductor company’s stock valued at $9,277,000 after buying an additional 148,268 shares in the last quarter. Point72 Europe London LLP bought a new stake in shares of JinkoSolar in the second quarter valued at approximately $3,023,000. Finally, Dimensional Fund Advisors LP increased its stake in JinkoSolar by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 981,492 shares of the semiconductor company’s stock worth $20,357,000 after acquiring an additional 74,219 shares during the period. 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.