JinkoSolar (NYSE:JKS) Shares Gap Up - Here's Why

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $20.67, but opened at $21.50. JinkoSolar shares last traded at $21.01, with a volume of 272,606 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. UBS Group dropped their target price on shares of JinkoSolar from $25.00 to $22.00 and set a "neutral" rating on the stock in a research note on Thursday, March 27th. The Goldman Sachs Group decreased their price objective on shares of JinkoSolar from $20.00 to $18.00 and set a "sell" rating for the company in a report on Thursday, March 27th. Finally, Citigroup downgraded JinkoSolar from a "buy" rating to a "sell" rating in a research note on Monday, May 5th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $27.19.

JinkoSolar Trading Down 1.7%

The company has a quick ratio of 1.07, a current ratio of 1.33 and a debt-to-equity ratio of 1.11. The firm has a market capitalization of $1.09 billion, a PE ratio of -4.24 and a beta of 0.18. The stock's fifty day simple moving average is $18.72 and its 200 day simple moving average is $20.67.

JinkoSolar (NYSE:JKS - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The semiconductor company reported ($2.85) EPS for the quarter, missing the consensus estimate of ($1.45) by ($1.40). JinkoSolar had a negative return on equity of 2.95% and a negative net margin of 2.23%. The company had revenue of $1.91 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter last year, the company earned $1.34 earnings per share. The company's revenue for the quarter was down 39.9% on a year-over-year basis. On average, sell-side analysts predict that JinkoSolar Holding Company Limited will post -0.24 earnings per share for the current year.

JinkoSolar Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 16th. Investors of record on Wednesday, July 2nd will be paid a dividend of $0.325 per share. The ex-dividend date is Wednesday, July 2nd. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.11%. JinkoSolar's dividend payout ratio (DPR) is presently -29.48%.

Institutional Investors Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in JKS. Himension Capital Singapore PTE. LTD. increased its stake in shares of JinkoSolar by 472.8% in the fourth quarter. Himension Capital Singapore PTE. LTD. now owns 55,175 shares of the semiconductor company's stock worth $1,374,000 after purchasing an additional 45,542 shares in the last quarter. Northern Trust Corp boosted its stake in shares of JinkoSolar by 58.6% in the fourth quarter. Northern Trust Corp now owns 84,252 shares of the semiconductor company's stock worth $2,098,000 after acquiring an additional 31,130 shares during the period. Bank of New York Mellon Corp grew its position 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 worth $1,032,000 after purchasing an additional 29,459 shares in the last quarter. Pictet Asset Management Holding SA purchased a new position in JinkoSolar in the 4th quarter worth approximately $5,948,000. Finally, Capital Wealth Planning LLC bought a new position in JinkoSolar in the 4th quarter worth approximately $752,000. 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.