JinkoSolar Holding Company Limited (NYSE:JKS – Get Free Report) shot up 9.3% on Monday after the company announced better than expected quarterly earnings. The company traded as high as $9.42 and last traded at $9.4340. 363,449 shares were traded during trading, a decline of 50% from the average daily volume of 726,393 shares. The stock had previously closed at $8.63.
The semiconductor company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($2.11) by $2.08. JinkoSolar had a negative return on equity of 8.83% and a negative net margin of 5.04%. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.42 billion.
Analysts Set New Price Targets
Several research firms have issued reports on JKS. Roth Capital cut their price objective on JinkoSolar from $25.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, August 27th. The Goldman Sachs Group set a $11.00 price target on shares of JinkoSolar in a report on Thursday, August 27th. Weiss Ratings reiterated a “sell (d)” rating on shares of JinkoSolar in a report on Friday. Zacks Research upgraded shares of JinkoSolar from a “strong sell” rating to a “hold” rating in a research note on Monday, October 26th. Finally, Wall Street Zen downgraded shares of JinkoSolar from a “sell” rating to a “strong sell” rating in a report on Monday, October 26th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.88.
Check Out Our Latest Report on JinkoSolar
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in JinkoSolar by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company’s stock valued at $21,449,000 after buying an additional 3,118 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in JinkoSolar by 355.9% in the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company’s stock worth $4,817,000 after acquiring an additional 147,992 shares during the last quarter. Himension Capital Singapore PTE. LTD. lifted its holdings in JinkoSolar by 5.1% in the first quarter. Himension Capital Singapore PTE. LTD. now owns 82,319 shares of the semiconductor company’s stock worth $2,092,000 after acquiring an additional 3,961 shares during the last quarter. Renaissance Technologies LLC boosted its stake in JinkoSolar by 96.2% in the first quarter. Renaissance Technologies LLC now owns 82,200 shares of the semiconductor company’s stock valued at $2,089,000 after acquiring an additional 40,300 shares during the period. Finally, Cetera Investment Advisers acquired a new position in JinkoSolar in the first quarter valued at approximately $307,000. 35.82% of the stock is owned by hedge funds and other institutional investors.
JinkoSolar Stock Performance
The company has a market capitalization of $500.94 million, a price-to-earnings ratio of -1.21 and a beta of 0.52. The stock has a 50 day simple moving average of $10.36 and a 200 day simple moving average of $19.08. The company has a quick ratio of 0.84, a current ratio of 1.13 and a debt-to-equity ratio of 1.10.
JinkoSolar Company Profile
JinkoSolar Holding Co, Ltd. is a global solar photovoltaic (PV) manufacturer that develops and produces products used to convert sunlight into electricity. The company’s portfolio includes silicon wafers, solar cells, PV modules and related energy-storage products, serving utility-scale solar projects as well as commercial, industrial and residential customers.
Founded in 2006, JinkoSolar has developed a vertically integrated manufacturing business spanning much of the solar supply chain.
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