JinkoSolar (NYSE:JKS) Trading Up 9.6% – Here’s What Happened

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s stock price shot up 9.6% during trading on Monday . The company traded as high as $29.67 and last traded at $29.44. 955,262 shares changed hands during trading, a decline of 11% from the average session volume of 1,078,526 shares. The stock had previously closed at $26.85.

Analysts Set New Price Targets

A number of research firms recently commented on JKS. The Goldman Sachs Group decreased their target price on shares of JinkoSolar from $21.00 to $18.00 and set a “sell” rating for the company in a research report on Tuesday, September 3rd. StockNews.com raised shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Roth Mkm decreased their price target on shares of JinkoSolar from $25.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Finally, Jefferies Financial Group raised their price target on shares of JinkoSolar from $36.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, JinkoSolar currently has a consensus rating of “Hold” and a consensus target price of $31.33.

JinkoSolar Trading Up 0.3 %

The company’s 50-day moving average price is $23.96 and its 200-day moving average price is $22.40. The company has a quick ratio of 0.97, a current ratio of 1.22 and a debt-to-equity ratio of 0.81. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 48.75 and a beta of 0.35.

Hedge Funds Weigh In On JinkoSolar

Several hedge funds and other institutional investors have recently modified their holdings of the business. Mackenzie Financial Corp lifted its stake in shares of JinkoSolar by 1.8% in the second quarter. Mackenzie Financial Corp now owns 2,572,177 shares of the semiconductor company’s stock worth $53,296,000 after buying an additional 44,661 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in JinkoSolar by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 981,492 shares of the semiconductor company’s stock worth $20,357,000 after purchasing an additional 74,219 shares during the period. State Street Corp raised its stake in JinkoSolar by 10.7% during the third quarter. State Street Corp now owns 696,763 shares of the semiconductor company’s stock worth $18,687,000 after purchasing an additional 67,223 shares during the period. Marshall Wace LLP lifted its holdings in shares of JinkoSolar by 49.5% in the 2nd quarter. Marshall Wace LLP now owns 447,709 shares of the semiconductor company’s stock worth $9,277,000 after acquiring an additional 148,268 shares during the last quarter. Finally, Decade Renewable Partners LP acquired a new position in shares of JinkoSolar in the 2nd quarter worth approximately $4,272,000. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.