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

JinkoSolar Holding Co., Ltd. (NYSE:JKS - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $20.70, but opened at $21.35. JinkoSolar shares last traded at $22.32, with a volume of 697,547 shares traded.

Wall Street Analysts Forecast Growth

JKS has been the subject of several analyst reports. Glj Research lowered their target price on shares of JinkoSolar from $13.08 to $10.95 and set a "sell" rating for the company in a report on Thursday, January 23rd. UBS Group reduced their price target on shares of JinkoSolar from $25.00 to $22.00 and set a "neutral" rating for the company in a research report on Thursday. Jefferies Financial Group lifted their price objective on shares of JinkoSolar from $36.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. The Goldman Sachs Group reduced their target price on shares of JinkoSolar from $20.00 to $18.00 and set a "sell" rating for the company in a research report on Thursday. Finally, Daiwa Capital Markets cut shares of JinkoSolar from an "underperform" rating to a "sell" rating in a report on Friday, January 10th. 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 MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $27.19.

JinkoSolar Price Performance

The company has a market capitalization of $1.05 billion, a P/E ratio of 33.36 and a beta of 0.40. The company has a current ratio of 1.22, a quick ratio of 0.97 and a debt-to-equity ratio of 0.81. The business's fifty day moving average price is $21.74 and its 200-day moving average price is $23.17.

JinkoSolar (NYSE:JKS - Get Free Report) last announced its quarterly earnings data 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). JinkoSolar had a net margin of 0.53% and a return on equity of 4.18%. The firm had revenue of $20.65 billion for the quarter, compared to analysts' expectations of $3.38 billion. During the same period in the prior year, the business posted $0.54 earnings per share. The business's quarterly revenue was down 37.1% on a year-over-year basis. As a group, sell-side analysts predict that JinkoSolar Holding Co., Ltd. will post -0.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On JinkoSolar

A number of hedge funds and other institutional investors have recently modified their holdings of JKS. SG Americas Securities LLC bought a new position in shares of JinkoSolar in the fourth quarter worth approximately $1,435,000. State Street Corp increased its stake in shares of JinkoSolar by 10.7% during the third quarter. State Street Corp now owns 696,763 shares of the semiconductor company's stock valued at $18,687,000 after buying an additional 67,223 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of JinkoSolar by 245.8% during the fourth quarter. Bank of New York Mellon Corp now owns 41,445 shares of the semiconductor company's stock valued at $1,032,000 after acquiring an additional 29,459 shares in the last quarter. Capital Wealth Planning LLC purchased a new stake in JinkoSolar in the fourth quarter worth $752,000. Finally, Verition Fund Management LLC bought a new stake in JinkoSolar in the third quarter valued at $682,000. Institutional investors 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.