JinkoSolar (NYSE:JKS) Stock Passes Above Two Hundred Day Moving Average - Here's Why

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $20.54 and traded as high as $24.65. JinkoSolar shares last traded at $23.27, with a volume of 599,200 shares changing hands.

Analyst Ratings Changes

A number of brokerages have issued reports on JKS. UBS Group cut their target price on JinkoSolar from $25.00 to $22.00 and set a "neutral" rating on the stock in a research report on Thursday, March 27th. Citigroup lowered JinkoSolar from a "buy" rating to a "sell" rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group dropped their price target on JinkoSolar from $20.00 to $18.00 and set a "sell" rating on the stock in a research report on Thursday, March 27th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $27.19.

JinkoSolar Price Performance

The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of -4.61 and a beta of 0.22. The company has a 50-day simple moving average of $20.44 and a two-hundred day simple moving average of $20.53. The company has a debt-to-equity ratio of 1.11, a current ratio of 1.33 and a quick ratio of 1.07.

JinkoSolar (NYSE:JKS - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported ($2.85) earnings per share (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 business had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the company posted $1.34 EPS. The company's revenue for the quarter was down 39.9% compared to the same quarter last year. On average, equities research 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 announced a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 2nd were issued a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a dividend yield of 5.62%. The ex-dividend date was Wednesday, July 2nd. JinkoSolar's dividend payout ratio is -54.98%.

Institutional Investors Weigh In On JinkoSolar

Several hedge funds have recently modified their holdings of JKS. Pictet Asset Management Holding SA purchased a new stake in JinkoSolar in the 4th quarter worth about $5,948,000. Greenwoods Asset Management Hong Kong Ltd. raised its stake in shares of JinkoSolar by 37.0% during the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 780,933 shares of the semiconductor company's stock worth $14,557,000 after purchasing an additional 211,000 shares in the last quarter. Invesco Ltd. raised its stake in shares of JinkoSolar by 15.3% during the 1st quarter. Invesco Ltd. now owns 1,418,425 shares of the semiconductor company's stock worth $26,439,000 after purchasing an additional 187,930 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in shares of JinkoSolar during the 1st quarter worth about $2,349,000. Finally, Balyasny Asset Management L.P. raised its stake in shares of JinkoSolar by 1,592.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 129,385 shares of the semiconductor company's stock worth $3,222,000 after purchasing an additional 121,740 shares in the last quarter. 35.82% of the stock is owned by hedge funds and other institutional investors.

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.