JinkoSolar (NYSE:JKS) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• JinkoSolar's stock price has recently surpassed its 200-day moving average, trading at $22.02 after reaching a high of $22.56, indicating positive momentum.
• Citigroup has downgraded JinkoSolar from a "buy" rating to a "sell" rating, with four analysts recommending a sell and only one a buy, resulting in a consensus rating of "Hold".
• The company has announced a quarterly dividend of $0.325 per share, representing an annualized dividend yield of 5.9% despite a negative payout ratio.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.35 and traded as high as $22.56. JinkoSolar shares last traded at $22.02, with a volume of 277,906 shares.

Analyst Ratings Changes

Separately, Citigroup downgraded shares of JinkoSolar from a "buy" rating to a "sell" rating in a research note on Monday, May 5th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $27.19.

JinkoSolar Stock Performance

The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.07 and a current ratio of 1.33. The stock's 50-day moving average is $22.06 and its 200 day moving average is $20.40. The firm has a market cap of $1.18 billion, a P/E ratio of -4.58 and a beta of 0.21.

JinkoSolar Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Wednesday, July 2nd were paid a $0.325 dividend. The ex-dividend date of this dividend was Wednesday, July 2nd. This represents a $1.30 dividend on an annualized basis and a yield of 5.6%. JinkoSolar's payout ratio is presently -54.98%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. MTM Investment Management LLC bought a new stake in JinkoSolar during the 2nd quarter worth about $28,000. Banque Cantonale Vaudoise bought a new position in shares of JinkoSolar in the first quarter valued at $36,000. Raymond James Financial Inc. bought a new position in shares of JinkoSolar in the second quarter valued at $47,000. CANADA LIFE ASSURANCE Co bought a new position in shares of JinkoSolar in the fourth quarter valued at $55,000. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of JinkoSolar by 502.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 5,470 shares of the semiconductor company's stock valued at $102,000 after buying an additional 4,562 shares in the last quarter. 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.