JinkoSolar (NYSE:JKS) Trading 5% Higher - What's Next?

Key Points

• JinkoSolar (NYSE:JKS) shares rose 5% to $24.79 on Friday, despite a significant decrease in trading volume, which was down 76% compared to its daily average.
• Wall Street analysts have mixed opinions on JinkoSolar, with one upgrading the stock from a "sell" to a "hold" rating, while maintaining an overall average rating of "Reduce" and a consensus price target of $28.99.
• Institutional investors have increased their stake in JinkoSolar, with holdings rising notably for firms like Greenwoods Asset Management, which grew its position by 37% in recent quarters.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report)'s share price traded up 5% on Friday . The company traded as high as $25.25 and last traded at $24.79. 175,782 shares traded hands during trading, a decline of 76% from the average session volume of 746,781 shares. The stock had previously closed at $23.60.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of JinkoSolar from a "sell" rating to a "hold" rating in a research report on Sunday, September 7th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $28.99.

JinkoSolar Stock Performance

The firm's fifty day moving average price is $23.37 and its 200-day moving average price is $20.69. The company has a current ratio of 1.33, a quick ratio of 1.07 and a debt-to-equity ratio of 1.11. The company has a market cap of $1.31 billion, a P/E ratio of -5.10 and a beta of 0.13.

Institutional Trading of JinkoSolar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new stake in JinkoSolar in the second quarter valued at about $47,000. XTX Topco Ltd bought a new stake in JinkoSolar during the second quarter worth about $1,160,000. JPMorgan Chase & Co. grew its stake in JinkoSolar by 7,759.6% during the second quarter. JPMorgan Chase & Co. now owns 11,082 shares of the semiconductor company's stock worth $235,000 after buying an additional 10,941 shares during the last quarter. MTM Investment Management LLC bought a new stake in JinkoSolar during the second quarter worth about $28,000. Finally, Geode Capital Management LLC grew its stake in JinkoSolar by 9.9% during the second quarter. Geode Capital Management LLC now owns 37,671 shares of the semiconductor company's stock worth $799,000 after buying an additional 3,394 shares during the last quarter. 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.