JinkoSolar (NYSE:JKS) Shares Gap Up - Time to Buy?

Key Points

• Shares gapped up — JinkoSolar opened at $25.18 vs. the prior close of $24.00 and last traded around $25.44, rising roughly 6.1% on volume of 149,512 shares.
• Analyst sentiment is cautious: the stock has an average rating of “Reduce” with a consensus price target of $22.33 (four Holds, two Sells), despite some firms raising individual targets recently.
• Institutional interest has grown—35.82% of the stock is institution-owned with notable position increases by Invesco, State Street, Legal & General and others—while JinkoSolar trades with a market cap of $1.32 billion and a negative P/E (-2.78).

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $24.00, but opened at $25.18. JinkoSolar shares last traded at $25.4420, with a volume of 149,512 shares changing hands.

Analyst Upgrades and Downgrades

A number of research firms have commented on JKS. Roth Mkm increased their price objective on shares of JinkoSolar from $17.00 to $25.00 and gave the company a "neutral" rating in a research note on Friday, November 21st. Wall Street Zen lowered shares of JinkoSolar from a "hold" rating to a "sell" rating in a report on Saturday. The Goldman Sachs Group raised their target price on shares of JinkoSolar from $18.00 to $20.00 and gave the stock a "sell" rating in a report on Wednesday, November 19th. UBS Group reiterated a "neutral" rating on shares of JinkoSolar in a research report on Friday, November 28th. Finally, Zacks Research lowered JinkoSolar from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, February 11th. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, JinkoSolar presently has an average rating of "Reduce" and a consensus price target of $22.33.

JinkoSolar Stock Up 6.1%

The stock's 50-day moving average is $26.89 and its 200-day moving average is $25.76. The company has a current ratio of 1.30, a quick ratio of 1.02 and a debt-to-equity ratio of 1.07. The stock has a market cap of $1.32 billion, a P/E ratio of -2.78 and a beta of 0.55.

Institutional Trading of JinkoSolar

A number of hedge funds and other institutional investors have recently made changes to their positions in JKS. Invesco Ltd. boosted its stake in shares of 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 in the last quarter. Mackenzie Financial Corp increased its stake in JinkoSolar by 1.5% in the 4th quarter. Mackenzie Financial Corp now owns 1,381,478 shares of the semiconductor company's stock worth $36,289,000 after purchasing an additional 20,000 shares in the last quarter. State Street Corp lifted its stake in JinkoSolar by 8.0% during the fourth quarter. State Street Corp now owns 735,159 shares of the semiconductor company's stock valued at $18,978,000 after buying an additional 54,661 shares in the last quarter. Legal & General Group Plc raised its holdings 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 valued at $12,904,000 after acquiring an additional 494,595 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of JinkoSolar by 35.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 414,228 shares of the semiconductor company's stock valued at $10,691,000 after acquiring an additional 108,744 shares in the last quarter. 35.82% of the stock is currently owned by institutional investors.

About JinkoSolar

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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