JinkoSolar (NYSE:JKS) Shares Gap Up – Time to Buy?

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $18.64, but opened at $19.26. JinkoSolar shares last traded at $18.19, with a volume of 151,268 shares.

Analyst Upgrades and Downgrades

Several research firms have weighed in on JKS. UBS Group cut their target price on JinkoSolar from $25.00 to $22.00 and set a “neutral” rating on the stock in a research note on Thursday, March 27th. Daiwa Capital Markets lowered shares of JinkoSolar from an “underperform” rating to a “sell” rating in a research note on Friday, January 10th. The Goldman Sachs Group lowered their target price on shares of JinkoSolar from $20.00 to $18.00 and set a “sell” rating for the company in a research note on Thursday, March 27th. Glj Research reduced their price target on shares of JinkoSolar from $13.08 to $10.95 and set a “sell” rating on the stock in a research report on Thursday, January 23rd. Finally, Jefferies Financial Group upped their price objective on shares of JinkoSolar from $36.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.19.

JinkoSolar Price Performance

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 company’s fifty day moving average price is $21.69 and its two-hundred day moving average price is $23.20. The company has a market cap of $970.77 million, a price-to-earnings ratio of 30.95 and a beta of 0.40.

JinkoSolar (NYSE:JKS) last announced its earnings results on Wednesday, March 26th. The semiconductor company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.55). The company had revenue of $20.65 billion during the quarter, compared to analyst estimates of $3.38 billion. JinkoSolar had a return on equity of 4.18% and a net margin of 0.53%. JinkoSolar’s revenue for the quarter was down 37.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. On average, equities research analysts forecast that JinkoSolar Holding Co., Ltd. will post -0.24 EPS for the current fiscal year.

Hedge Funds Weigh In On JinkoSolar

A number of large investors have recently bought and sold shares of the company. Pictet Asset Management Holding SA bought a new stake in shares of JinkoSolar in the fourth quarter worth $5,948,000. Balyasny Asset Management L.P. lifted its position in JinkoSolar by 1,592.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 129,385 shares of the semiconductor company’s stock worth $3,222,000 after buying an additional 121,740 shares in the last quarter. Millennium Management LLC acquired a new position in shares of JinkoSolar during the 4th quarter worth about $2,846,000. AI Squared Management Ltd bought a new position in shares of JinkoSolar in the 4th quarter valued at about $2,336,000. Finally, State Street Corp increased its position in shares of JinkoSolar by 10.7% in the third quarter. State Street Corp now owns 696,763 shares of the semiconductor company’s stock valued at $18,687,000 after acquiring an additional 67,223 shares during the last quarter. Institutional investors and hedge funds own 35.82% of the company’s stock.

JinkoSolar Company Profile

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.