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

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’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.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Glj Research reduced their price objective on JinkoSolar from $13.08 to $10.95 and set a “sell” rating on the stock in a research report on Thursday, January 23rd. Daiwa Capital Markets cut shares of JinkoSolar from an “underperform” rating to a “sell” rating in a research note on Friday, January 10th. Finally, Jefferies Financial Group boosted 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 research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $28.49.

JinkoSolar Stock Performance

The stock’s 50 day moving average price is $21.91 and its 200 day moving average price is $23.17. 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 company has a market cap of $1.16 billion, a price-to-earnings ratio of 37.44 and a beta of 0.40.

Hedge Funds Weigh In On JinkoSolar

A number of hedge funds have recently made changes to their positions in JKS. Pictet Asset Management Holding SA purchased a new position in shares of JinkoSolar in the 4th quarter worth $5,948,000. Balyasny Asset Management L.P. raised its holdings in shares of JinkoSolar by 1,592.4% in the 4th quarter. Balyasny Asset Management L.P. now owns 129,385 shares of the semiconductor company’s stock worth $3,222,000 after purchasing an additional 121,740 shares during the period. Millennium Management LLC acquired a new position in shares of JinkoSolar in the 4th quarter valued at about $2,846,000. AI Squared Management Ltd purchased a new stake in shares of JinkoSolar during the 4th quarter worth about $2,336,000. Finally, State Street Corp increased its position in JinkoSolar by 10.7% during the 3rd quarter. State Street Corp now owns 696,763 shares of the semiconductor company’s stock worth $18,687,000 after purchasing an additional 67,223 shares in 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.