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

Key Points

• JinkoSolar's stock price recently surpassed its 200-day moving average, reaching a high of $23.99 before settling at $23.26 during trading.
• Citigroup downgraded JinkoSolar's rating from "buy" to "sell", with the company currently holding a consensus rating of "Hold" and a price target of $27.19.
• The company reported a significant loss in its latest quarterly earnings, with an EPS of ($2.85), missing expectations, while also disclosing a quarterly dividend yielding 5.59%.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $20.44 and traded as high as $23.99. JinkoSolar shares last traded at $23.26, with a volume of 592,914 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Citigroup cut shares of JinkoSolar from a "buy" rating to a "sell" rating in a research report on Monday, May 5th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $27.19.

JinkoSolar Stock Performance

The stock's 50 day moving average price is $21.06 and its 200 day moving average price is $20.35. 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 company has a market capitalization of $1.18 billion, a P/E ratio of -4.58 and a beta of 0.22.

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 analysts' consensus estimates of ($1.45) by ($1.40). JinkoSolar had a negative net margin of 2.23% and a negative return on equity of 2.95%. The firm had revenue of $1.91 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the company posted $1.34 earnings per share. The company's revenue for the quarter was down 39.9% compared to the same quarter last year. As a group, equities analysts expect that JinkoSolar Holding Company Limited will post -0.24 EPS for the current year.

JinkoSolar Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 2nd were paid a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 5.66%. The ex-dividend date of this dividend was Wednesday, July 2nd. JinkoSolar's dividend payout ratio is currently -54.98%.

Institutional Investors Weigh In On JinkoSolar

Institutional investors have recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new stake in shares of JinkoSolar in the 1st quarter valued at $36,000. CANADA LIFE ASSURANCE Co bought a new position in JinkoSolar during the fourth quarter worth $55,000. Caitong International Asset Management Co. Ltd boosted its stake in JinkoSolar by 502.4% during the first quarter. Caitong International Asset Management Co. Ltd now owns 5,470 shares of the semiconductor company's stock worth $102,000 after acquiring an additional 4,562 shares in the last quarter. Jump Financial LLC bought a new position in JinkoSolar during the fourth quarter worth $200,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in JinkoSolar by 85.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 8,697 shares of the semiconductor company's stock worth $217,000 after acquiring an additional 3,998 shares in the last quarter. 35.82% of the stock is owned by institutional investors.

About JinkoSolar

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.