JinkoSolar (NYSE:JKS) Shares Gap Up Following Analyst Upgrade

Key Points

• Daiwa upgrade from a sell to a buy drove a pre-market gap up (prior close $23.91, opened $25.01, last $25.2150) and set a $28.50 price target.
• Despite the upgrade, analyst consensus is still negative—1 Buy, 4 Hold and 2 Sell—with an average rating of "Reduce" and a consensus target of $23.88, below the current price.
• Large institutional investors have been adding shares (Invesco, Mackenzie, State Street, Legal & General, Charles Schwab), and institutions/hedge funds now own 35.82% of the stock.

Shares of JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) gapped up before the market opened on Tuesday after Daiwa Securities Group upgraded the stock from a sell rating to a buy rating. The stock had previously closed at $23.91, but opened at $25.01. Daiwa Securities Group now has a $28.50 price target on the stock. JinkoSolar shares last traded at $25.2150, with a volume of 144,801 shares trading hands.

Several other analysts have also recently commented on JKS. Weiss Ratings restated a "hold (c-)" rating on shares of JinkoSolar in a report on Wednesday, December 24th. UBS Group reiterated a "neutral" rating on shares of JinkoSolar in a research report on Friday, November 28th. Zacks Research lowered shares of JinkoSolar from a "strong-buy" rating to a "hold" rating in a report on Wednesday, February 11th. Finally, Wall Street Zen downgraded shares of JinkoSolar from a "hold" rating to a "sell" rating in a research note on Saturday, March 7th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and a consensus target price of $23.88.

Hedge Funds Weigh In On JinkoSolar

Large investors have recently bought and sold shares of the business. Invesco Ltd. grew its holdings in JinkoSolar by 15.4% during the 4th quarter. Invesco Ltd. now owns 1,604,250 shares of the semiconductor company's stock worth $41,406,000 after acquiring an additional 213,935 shares during the period. Mackenzie Financial Corp lifted its stake in shares of JinkoSolar by 1.5% in the 4th quarter. Mackenzie Financial Corp now owns 1,381,478 shares of the semiconductor company's stock valued at $36,289,000 after purchasing an additional 20,000 shares during the period. State Street Corp boosted its position in shares of JinkoSolar by 8.0% in the 4th quarter. State Street Corp now owns 735,159 shares of the semiconductor company's stock worth $18,978,000 after purchasing an additional 54,661 shares during the last quarter. Legal & General Group Plc grew its stake in shares of JinkoSolar by 9,212.1% during the fourth quarter. Legal & General Group Plc now owns 499,964 shares of the semiconductor company's stock worth $12,904,000 after purchasing an additional 494,595 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in JinkoSolar by 35.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 414,228 shares of the semiconductor company's stock valued at $10,691,000 after purchasing an additional 108,744 shares during the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

JinkoSolar Stock Up 5.7%

The business has a fifty day moving average of $26.38 and a 200 day moving average of $25.86. The company has a quick ratio of 1.02, a current ratio of 1.30 and a debt-to-equity ratio of 1.07. The firm has a market cap of $1.31 billion, a P/E ratio of -2.76 and a beta of 0.55.

JinkoSolar Company Profile

JinkoSolar Holding Co, Ltd. NYSE: JKS is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world's largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers.

JinkoSolar's product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series.

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