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

JinkoSolar Holding Company Limited (NYSE:JKS)’s share 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.

JKS has been the topic of a number of other reports. Zacks Research cut shares of JinkoSolar from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 11th. Weiss Ratings reiterated a “hold (c-)” rating on shares of JinkoSolar in a report on Wednesday, December 24th. UBS Group reissued a “neutral” rating on shares of JinkoSolar in a research note on Friday, November 28th. Finally, Wall Street Zen downgraded JinkoSolar from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, JinkoSolar presently has an average rating of “Reduce” and a consensus price target of $23.88.

Institutional Trading of JinkoSolar

A number of hedge funds and other institutional investors have recently made changes to their positions in JKS. Raymond James Financial Inc. acquired a new position in JinkoSolar during the second quarter worth $47,000. Banque Cantonale Vaudoise acquired a new stake in JinkoSolar in the 4th quarter valued at $58,000. Leonteq Securities AG bought a new stake in JinkoSolar during the 4th quarter worth about $101,000. Federation des caisses Desjardins du Quebec boosted its stake in shares of JinkoSolar by 277.9% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 7,086 shares of the semiconductor company’s stock worth $183,000 after buying an additional 5,211 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new position in shares of JinkoSolar in the 3rd quarter valued at about $182,000. 35.82% of the stock is currently owned by institutional investors and hedge funds.

JinkoSolar Trading Up 5.7%

The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -2.76 and a beta of 0.55. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.30 and a quick ratio of 1.02. The business has a 50-day moving average of $26.38 and a 200-day moving average of $25.86.

About JinkoSolar

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.