JinkoSolar (NYSE:JKS) Stock Price Up 7.3% – Here’s Why

Shares of JinkoSolar Holding Company Limited (NYSE:JKS) rose 7.3% on Friday . The company traded as high as $20.12 and last traded at $19.91. Approximately 311,415 shares were traded during trading, a decline of 57% from the average daily volume of 722,555 shares. The stock had previously closed at $18.56.

Analysts Set New Price Targets

JKS has been the topic of a number of research reports. Freedom Capital upgraded JinkoSolar from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 17th. UBS Group boosted their price objective on JinkoSolar from $23.00 to $24.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Weiss Ratings lowered JinkoSolar from a “hold (c-)” rating to a “sell (d)” rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded JinkoSolar from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Daiwa Securities Group upgraded JinkoSolar from a “sell” rating to a “buy” rating and set a $28.50 price target on the stock in a research report on Tuesday, March 24th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $24.38.

JinkoSolar Trading Up 6.7%

The business has a 50 day moving average of $22.80 and a two-hundred day moving average of $25.12. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.95 and a current ratio of 1.26. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of -2.03 and a beta of 0.52.

JinkoSolar (NYSE:JKS) last posted its quarterly earnings results on Wednesday, April 29th. The semiconductor company reported ($1.52) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.84) by $0.32. The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $2.09 billion. JinkoSolar had a negative return on equity of 9.52% and a negative net margin of 5.62%. Equities analysts predict that JinkoSolar Holding Company Limited will post -2.76 EPS for the current year.

Insider Activity at JinkoSolar

In other news, Director Wing Keong Siew sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $26.11, for a total value of $417,760.00. Following the completion of the transaction, the director directly owned 186,000 shares of the company’s stock, valued at $4,856,460. This represents a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Xianhua Li sold 1,280,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $25.53, for a total value of $32,678,400.00. Following the completion of the transaction, the director directly owned 10,349,612 shares of the company’s stock, valued at approximately $264,225,594.36. This represents a 11.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 19.80% of the company’s stock.

Hedge Funds Weigh In On JinkoSolar

Several institutional investors have recently modified their holdings of JKS. Legal & General Group Plc grew its holdings in shares of JinkoSolar by 9,212.1% in the fourth quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company’s stock valued at $12,904,000 after acquiring an additional 494,595 shares in the last quarter. Invesco Ltd. grew its holdings in shares of JinkoSolar by 15.4% in the fourth quarter. Invesco Ltd. now owns 1,604,250 shares of the semiconductor company’s stock valued at $41,406,000 after acquiring an additional 213,935 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of JinkoSolar by 355.9% in the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company’s stock valued at $4,817,000 after acquiring an additional 147,992 shares in the last quarter. SG Americas Securities LLC grew its holdings in JinkoSolar by 189.9% during the fourth quarter. SG Americas Securities LLC now owns 194,231 shares of the semiconductor company’s stock valued at $5,013,000 after purchasing an additional 127,234 shares during the period. Finally, Capital Wealth Planning LLC bought a new position in JinkoSolar during the fourth quarter valued at $3,299,000. 35.82% of the stock is owned by institutional investors.

JinkoSolar Company Profile

JinkoSolar Holding Co, Ltd. (NYSE: JKS) is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world’s largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers.

JinkoSolar’s product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series.