JinkoSolar (NYSE:JKS) Shares Up 8.9% – Still a Buy?

Shares of JinkoSolar Holding Company Limited (NYSE:JKS) rose 8.9% on Wednesday . The stock traded as high as $22.22 and last traded at $22.30. Approximately 483,186 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 677,301 shares. The stock had previously closed at $20.47.

Analyst Ratings Changes

JKS has been the topic of several recent analyst reports. Wall Street Zen cut shares of JinkoSolar from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Freedom Capital raised shares of JinkoSolar from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 17th. Zacks Research downgraded shares of JinkoSolar from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 11th. Daiwa Securities Group upgraded shares of JinkoSolar from a “sell” rating to a “buy” rating and set a $28.50 price target on the stock in a research note on Tuesday, March 24th. Finally, Weiss Ratings raised shares of JinkoSolar from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, JinkoSolar has an average rating of “Hold” and a consensus price target of $24.50.

JinkoSolar Stock Down 1.7%

The business has a 50-day moving average price of $24.65 and a 200 day moving average price of $25.68. The company has a current ratio of 1.25, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $1.17 billion, a P/E ratio of -1.88 and a beta of 0.59.

Hedge Funds Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in shares of JinkoSolar in the 2nd quarter worth about $47,000. Banque Cantonale Vaudoise purchased a new position in JinkoSolar in the fourth quarter worth about $58,000. Leonteq Securities AG bought a new stake in JinkoSolar during the fourth quarter worth approximately $101,000. New York State Common Retirement Fund bought a new stake in JinkoSolar during the third quarter worth approximately $182,000. Finally, Federation des caisses Desjardins du Quebec lifted its stake in shares of JinkoSolar by 277.9% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 7,086 shares of the semiconductor company’s stock valued at $183,000 after purchasing an additional 5,211 shares during the last quarter. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.