JinkoSolar (NYSE:JKS) Trading 11.2% Higher – Here’s Why

JinkoSolar Holding Company Limited (NYSE:JKS) was up 11.2% during trading on Wednesday . The company traded as high as $27.20 and last traded at $27.55. Approximately 468,528 shares changed hands during mid-day trading, a decline of 36% from the average daily volume of 729,072 shares. The stock had previously closed at $24.77.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group raised 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. Wall Street Zen upgraded shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of JinkoSolar in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, JinkoSolar currently has a consensus rating of “Strong Sell” and a consensus price target of $28.99.

JinkoSolar Stock Down 1.3%

The company has a current ratio of 1.33, a quick ratio of 1.07 and a debt-to-equity ratio of 1.11. The stock’s 50-day moving average price is $24.36 and its 200-day moving average price is $22.04. The company has a market cap of $1.46 billion, a P/E ratio of -5.62 and a beta of 0.60.

Institutional Investors Weigh In On JinkoSolar

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of JinkoSolar by 15.3% in the 1st quarter. Invesco Ltd. now owns 1,418,425 shares of the semiconductor company’s stock worth $26,439,000 after purchasing an additional 187,930 shares in the last quarter. Greenwoods Asset Management Hong Kong Ltd. raised its holdings in JinkoSolar by 37.0% during the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 780,933 shares of the semiconductor company’s stock worth $14,557,000 after buying an additional 211,000 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of JinkoSolar by 41.2% in the first quarter. Acadian Asset Management LLC now owns 387,834 shares of the semiconductor company’s stock valued at $7,220,000 after buying an additional 113,187 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of JinkoSolar by 23.1% during the first quarter. Hsbc Holdings PLC now owns 126,175 shares of the semiconductor company’s stock valued at $2,351,000 after buying an additional 23,652 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. acquired a new position in shares of JinkoSolar during the first quarter valued at about $2,349,000. 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.