JinkoSolar (NYSE:JKS) Shares Gap Up to $29.08

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares gapped up before the market opened on Monday . The stock had previously closed at $29.08, but opened at $29.97. JinkoSolar shares last traded at $29.56, with a volume of 99,377 shares traded.

Analysts Set New Price Targets

Several equities analysts recently issued reports on JKS shares. StockNews.com started coverage on JinkoSolar in a research note on Thursday, August 17th. They set a “hold” rating on the stock. The Goldman Sachs Group reduced their price objective on JinkoSolar from $38.00 to $33.00 and set a “sell” rating on the stock in a research note on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.33.

JinkoSolar Price Performance

The company has a quick ratio of 0.83, a current ratio of 1.11 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $1.52 billion, a P/E ratio of 4.13 and a beta of 0.86. The business has a 50 day simple moving average of $38.16 and a 200-day simple moving average of $43.85.

JinkoSolar (NYSE:JKS) last posted its earnings results on Monday, August 14th. The semiconductor company reported $3.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $1.28. The company had revenue of $4.23 billion for the quarter, compared to analysts’ expectations of $4.18 billion. JinkoSolar had a return on equity of 11.84% and a net margin of 3.21%. Analysts predict that JinkoSolar Holding Co., Ltd. will post 10.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of JKS. Snow Lake Management LP acquired a new position in JinkoSolar during the first quarter worth about $40,816,000. Marshall Wace LLP grew its holdings in JinkoSolar by 116.9% during the second quarter. Marshall Wace LLP now owns 1,036,954 shares of the semiconductor company’s stock worth $46,020,000 after acquiring an additional 558,962 shares during the period. Mackenzie Financial Corp grew its holdings in JinkoSolar by 33.5% during the second quarter. Mackenzie Financial Corp now owns 2,184,056 shares of the semiconductor company’s stock worth $97,540,000 after acquiring an additional 547,687 shares during the period. Schroder Investment Management Group grew its holdings in JinkoSolar by 23.6% during the fourth quarter. Schroder Investment Management Group now owns 2,481,981 shares of the semiconductor company’s stock worth $101,463,000 after acquiring an additional 473,716 shares during the period. Finally, Handelsbanken Fonder AB grew its holdings in JinkoSolar by 64.2% during the first quarter. Handelsbanken Fonder AB now owns 1,187,480 shares of the semiconductor company’s stock worth $60,585,000 after acquiring an additional 464,115 shares during the period. 35.82% of the stock is owned by institutional investors and hedge funds.

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; and develops commercial solar power projects.