JinkoSolar (NYSE:JKS) Upgraded at Freedom Broker

Key Points

• Freedom Broker upgraded JinkoSolar from “hold” to “buy,” though analyst views remain mixed: the consensus rating is “hold,” with an average price target of $18.38.
• JinkoSolar shares rose $0.55 to $9.96 on Tuesday, but remain well below their 52-week high of $31.88.
• The company reported quarterly EPS of -$0.03, beating the -$2.11 consensus estimate, while revenue of $2.03 billion came in below analysts’ $2.42 billion expectation.

JinkoSolar (NYSE:JKS - Get Free Report) was upgraded by research analysts at Freedom Broker from a "hold" rating to a "buy" rating in a research note issued on Tuesday, Benzinga reports.

Several other equities analysts have also recently weighed in on the company. Weiss Ratings reissued a "sell (d)" rating on shares of JinkoSolar in a report on Friday. Roth Capital cut their price objective on JinkoSolar from $16.00 to $10.00 and set a "neutral" rating for the company in a report on Monday. Zacks Research upgraded JinkoSolar from a "strong sell" rating to a "hold" rating in a research report on Monday, October 26th. Wall Street Zen cut JinkoSolar from a "sell" rating to a "strong sell" rating in a research report on Monday, October 26th. Finally, The Goldman Sachs Group set a $11.00 target price on JinkoSolar in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, JinkoSolar presently has an average rating of "Hold" and a consensus price target of $18.38.

JinkoSolar Stock Performance

Shares of NYSE JKS traded up $0.55 during trading on Tuesday, reaching $9.96. 758,076 shares of the company traded hands, compared to its average volume of 729,684. The company has a quick ratio of 0.84, a current ratio of 1.13 and a debt-to-equity ratio of 1.10. The firm has a 50 day simple moving average of $10.23 and a 200-day simple moving average of $18.98. JinkoSolar has a 52-week low of $7.82 and a 52-week high of $31.88. The stock has a market capitalization of $528.61 million, a PE ratio of -1.28 and a beta of 0.52.

JinkoSolar (NYSE:JKS - Get Free Report) last issued its earnings results on Friday, October 30th. The semiconductor company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.11) by $2.08. JinkoSolar had a negative net margin of 5.85% and a negative return on equity of 10.03%. The company had revenue of $2.03 billion for the quarter, compared to analysts' expectations of $2.42 billion. Equities research analysts anticipate that JinkoSolar will post -5.63 earnings per share for the current year.

Institutional Trading of JinkoSolar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC grew its holdings in JinkoSolar by 355.9% during the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company's stock valued at $4,817,000 after purchasing an additional 147,992 shares during the period. Renaissance Technologies LLC increased its position in JinkoSolar by 96.2% in the first quarter. Renaissance Technologies LLC now owns 82,200 shares of the semiconductor company's stock worth $2,089,000 after buying an additional 40,300 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in JinkoSolar in the second quarter worth about $298,000. Cetera Investment Advisers bought a new position in shares of JinkoSolar in the first quarter worth about $307,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of JinkoSolar by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company's stock worth $21,449,000 after buying an additional 3,118 shares during the period. 35.82% of the stock is owned by hedge funds and other institutional investors.

About JinkoSolar

JinkoSolar Holding Co, Ltd. is a global solar photovoltaic (PV) manufacturer that develops and produces products used to convert sunlight into electricity. The company's portfolio includes silicon wafers, solar cells, PV modules and related energy-storage products, serving utility-scale solar projects as well as commercial, industrial and residential customers.

Founded in 2006, JinkoSolar has developed a vertically integrated manufacturing business spanning much of the solar supply chain.

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