JinkoSolar (NYSE:JKS) Stock Price Passes Above 200-Day Moving Average – Here’s Why

JinkoSolar Holding Company Limited (NYSE:JKS)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.56 and traded as high as $26.24. JinkoSolar shares last traded at $26.2090, with a volume of 478,520 shares traded.

Analyst Ratings Changes

Several brokerages have weighed in on JKS. UBS Group reiterated a “neutral” rating on shares of JinkoSolar in a research report on Friday, November 28th. Weiss Ratings raised shares of JinkoSolar from a “sell (d)” rating to a “hold (c-)” rating in a research note on Friday, December 12th. Roth Capital increased their price target on shares of JinkoSolar from $17.00 to $25.00 and gave the company a “neutral” rating in a research report on Friday, November 21st. The Goldman Sachs Group boosted their price objective on shares of JinkoSolar from $18.00 to $20.00 and gave the company a “sell” rating in a research report on Wednesday, November 19th. Finally, Wall Street Zen upgraded shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Three analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Strong Sell” and an average price target of $19.49.

JinkoSolar Stock Down 0.1%

The company’s fifty day simple moving average is $25.31 and its 200 day simple moving average is $23.65. The company has a current ratio of 1.30, a quick ratio of 1.02 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $1.40 billion, a P/E ratio of -2.97 and a beta of 0.49.

JinkoSolar (NYSE:JKS) last announced its quarterly earnings results on Monday, November 17th. The semiconductor company reported ($2.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.56) by $0.26. JinkoSolar had a negative net margin of 4.98% and a negative return on equity of 8.96%. The company had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.72 billion. Research analysts expect that JinkoSolar Holding Company Limited will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. purchased a new stake in JinkoSolar in the first quarter worth $1,660,000. Invesco Ltd. lifted its position in JinkoSolar by 15.3% during the first quarter. Invesco Ltd. now owns 1,418,425 shares of the semiconductor company’s stock valued at $26,439,000 after buying an additional 187,930 shares during the period. Nuveen LLC bought a new stake in JinkoSolar during the first quarter worth about $598,000. Russell Investments Group Ltd. boosted its position in shares of JinkoSolar by 17.2% in the 1st quarter. Russell Investments Group Ltd. now owns 35,052 shares of the semiconductor company’s stock worth $687,000 after purchasing an additional 5,141 shares in the last quarter. Finally, Aberdeen Group plc boosted its position in shares of JinkoSolar by 63.6% in the 1st quarter. Aberdeen Group plc now owns 78,065 shares of the semiconductor company’s stock worth $1,455,000 after purchasing an additional 30,340 shares in the last quarter. 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.