JinkoSolar (NYSE:JKS) Reaches New 52-Week High – Here’s Why

JinkoSolar Holding Company Limited (NYSE:JKS) reached a new 52-week high during trading on Monday . The company traded as high as $29.98 and last traded at $29.78, with a volume of 674482 shares trading hands. The stock had previously closed at $28.20.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wall Street Zen raised shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. The Goldman Sachs Group increased their price objective on JinkoSolar from $15.00 to $18.00 and gave the stock a “sell” rating in a research report on Wednesday, October 8th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of JinkoSolar in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, JinkoSolar presently has an average rating of “Strong Sell” and an average target price of $28.99.

JinkoSolar Stock Up 5.1%

The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.07 and a current ratio of 1.33. The company has a market capitalization of $1.53 billion, a PE ratio of -5.91 and a beta of 0.60. The firm’s 50-day simple moving average is $24.36 and its 200 day simple moving average is $22.11.

Institutional Investors Weigh In On JinkoSolar

Institutional investors have recently modified their holdings of the company. Hussman Strategic Advisors Inc. purchased a new stake in JinkoSolar during the first quarter worth $2,349,000. Banque Cantonale Vaudoise purchased a new stake in shares of JinkoSolar in the 1st quarter worth about $36,000. Charles Schwab Investment Management Inc. acquired a new stake in JinkoSolar in the 1st quarter valued at about $1,660,000. Invesco Ltd. increased its holdings in JinkoSolar by 15.3% during the 1st quarter. Invesco Ltd. now owns 1,418,425 shares of the semiconductor company’s stock valued at $26,439,000 after acquiring an additional 187,930 shares in the last quarter. Finally, Nuveen LLC purchased a new position in JinkoSolar during the 1st quarter valued at about $598,000. Hedge funds and other 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.