JinkoSolar (NYSE:JKS) Shares Gap Up on Analyst Upgrade

JinkoSolar Holding Company Limited (NYSE:JKS)’s stock price gapped up before the market opened on Tuesday after Daiwa Securities Group upgraded the stock from a sell rating to a buy rating. The stock had previously closed at $23.91, but opened at $25.01. Daiwa Securities Group now has a $28.50 price target on the stock. JinkoSolar shares last traded at $25.2150, with a volume of 144,801 shares.

A number of other equities research analysts have also recently commented on the stock. UBS Group reiterated a “neutral” rating on shares of JinkoSolar in a research report on Friday, November 28th. Wall Street Zen lowered JinkoSolar from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Weiss Ratings reissued a “hold (c-)” rating on shares of JinkoSolar in a research note on Wednesday, December 24th. Finally, Zacks Research downgraded JinkoSolar from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $23.88.

Hedge Funds Weigh In On JinkoSolar

Institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. grew its stake in shares of JinkoSolar by 15.4% during the fourth quarter. Invesco Ltd. now owns 1,604,250 shares of the semiconductor company’s stock worth $41,406,000 after purchasing an additional 213,935 shares in the last quarter. Mackenzie Financial Corp raised its stake in JinkoSolar by 1.5% in the fourth quarter. Mackenzie Financial Corp now owns 1,381,478 shares of the semiconductor company’s stock valued at $36,289,000 after buying an additional 20,000 shares in the last quarter. State Street Corp raised its stake in JinkoSolar by 8.0% in the fourth quarter. State Street Corp now owns 735,159 shares of the semiconductor company’s stock valued at $18,978,000 after buying an additional 54,661 shares in the last quarter. Legal & General Group Plc lifted its holdings in JinkoSolar by 9,212.1% during the 4th quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company’s stock worth $12,904,000 after buying an additional 494,595 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of JinkoSolar by 35.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 414,228 shares of the semiconductor company’s stock worth $10,691,000 after acquiring an additional 108,744 shares in the last quarter. 35.82% of the stock is owned by institutional investors and hedge funds.

JinkoSolar Trading Up 6.7%

The company has a quick ratio of 1.02, a current ratio of 1.30 and a debt-to-equity ratio of 1.07. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -2.79 and a beta of 0.55. The business’s fifty day simple moving average is $26.29 and its two-hundred day simple moving average is $25.86.

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.