JinkoSolar (NYSE:JKS) Stock Price Up 5.7% – Time to Buy?

JinkoSolar Holding Co., Ltd. (NYSE:JKS) was up 5.7% during mid-day trading on Monday . The company traded as high as $25.28 and last traded at $25.16. Approximately 406,377 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 1,084,890 shares. The stock had previously closed at $23.80.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on JKS. The Goldman Sachs Group cut 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. Jefferies Financial Group increased their price target on JinkoSolar from $36.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Roth Mkm reduced their price objective on JinkoSolar from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, StockNews.com raised JinkoSolar from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $31.33.

JinkoSolar Price Performance

The stock has a market cap of $1.41 billion, a P/E ratio of 45.03 and a beta of 0.35. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.97 and a current ratio of 1.22. The business has a 50 day simple moving average of $24.06 and a 200-day simple moving average of $22.26.

Hedge Funds Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JKS. Mackenzie Financial Corp grew 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 valued at $53,296,000 after buying an additional 44,661 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of JinkoSolar by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 981,492 shares of the semiconductor company’s stock valued at $20,357,000 after buying an additional 74,219 shares during the period. State Street Corp lifted its holdings in shares of JinkoSolar by 10.7% in the third quarter. State Street Corp now owns 696,763 shares of the semiconductor company’s stock worth $18,687,000 after buying an additional 67,223 shares in the last quarter. Marshall Wace LLP boosted 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 acquiring an additional 148,268 shares during the period. Finally, Decade Renewable Partners LP purchased a new position in JinkoSolar during the second quarter valued at approximately $4,272,000. Institutional investors own 35.82% of the company’s stock.

About JinkoSolar

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.