JinkoSolar (NYSE:JKS) Shares Gap Up – Here’s What Happened

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $21.55, but opened at $22.60. JinkoSolar shares last traded at $25.20, with a volume of 1,327,275 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Roth Mkm dropped their price target on JinkoSolar from $25.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. The Goldman Sachs Group cut their price target on shares of JinkoSolar from $21.00 to $18.00 and set a “sell” rating for the company in a research note on Tuesday, September 3rd. Finally, StockNews.com raised shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $24.60.

JinkoSolar Price Performance

The firm has a market capitalization of $1.26 billion, a P/E ratio of 3.70 and a beta of 0.43. The business’s 50-day simple moving average is $20.99 and its 200 day simple moving average is $22.51. The company has a quick ratio of 0.79, a current ratio of 1.08 and a debt-to-equity ratio of 0.76.

JinkoSolar (NYSE:JKS) last issued its earnings results on Friday, August 30th. The semiconductor company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.92. JinkoSolar had a net margin of 1.65% and a return on equity of 7.86%. The company had revenue of $3.31 billion for the quarter, compared to analysts’ expectations of $3.85 billion. Sell-side analysts forecast that JinkoSolar Holding Co., Ltd. will post -0.42 earnings per share for the current year.

JinkoSolar Dividend Announcement

The business also recently announced a Variable dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were issued a dividend of $1.50 per share. This represents a yield of 15.6%. The ex-dividend date was Thursday, August 15th. JinkoSolar’s dividend payout ratio is presently 46.18%.

Hedge Funds Weigh In On JinkoSolar

A number of large investors have recently bought and sold shares of JKS. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of JinkoSolar by 31.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 51,588 shares of the semiconductor company’s stock worth $1,300,000 after buying an additional 12,464 shares during the period. Capstone Investment Advisors LLC lifted its stake in JinkoSolar by 81.6% in the first quarter. Capstone Investment Advisors LLC now owns 29,625 shares of the semiconductor company’s stock worth $746,000 after acquiring an additional 13,314 shares during the period. Daiwa Securities Group Inc. boosted its holdings in JinkoSolar by 117.1% in the first quarter. Daiwa Securities Group Inc. now owns 7,600 shares of the semiconductor company’s stock valued at $191,000 after acquiring an additional 4,100 shares in the last quarter. GSA Capital Partners LLP raised its holdings in JinkoSolar by 372.9% in the 1st quarter. GSA Capital Partners LLP now owns 77,349 shares of the semiconductor company’s stock worth $1,948,000 after purchasing an additional 60,992 shares in the last quarter. Finally, Banco BTG Pactual S.A. purchased a new stake in shares of JinkoSolar in the 1st quarter worth about $207,000. 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.