JinkoSolar (NYSE:JKS) Trading Up 5% - Here's Why

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) was up 5% on Friday . The company traded as high as $25.25 and last traded at $24.79. Approximately 175,782 shares traded hands during trading, a decline of 76% from the average daily volume of 746,781 shares. The stock had previously closed at $23.60.

Wall Street Analysts Forecast Growth

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 assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, JinkoSolar currently has an average rating of "Reduce" and a consensus price target of $28.99.

JinkoSolar Trading Up 5.2%

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 company has a market cap of $1.28 billion, a P/E ratio of -4.95 and a beta of 0.13. The firm's 50-day moving average price is $23.26 and its 200-day moving average price is $20.65.

Hedge Funds Weigh In On JinkoSolar

Institutional investors have recently made changes to their positions in the stock. Greenwoods Asset Management Hong Kong Ltd. grew its holdings in JinkoSolar by 37.0% in 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 acquiring an additional 211,000 shares during the last quarter. Invesco Ltd. grew its holdings in JinkoSolar by 15.3% in the 1st quarter. Invesco Ltd. now owns 1,418,425 shares of the semiconductor company's stock worth $26,439,000 after acquiring an additional 187,930 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in JinkoSolar in the 1st quarter worth $2,349,000. Millennium Management LLC bought a new stake in JinkoSolar in the 4th quarter worth $2,846,000. Finally, Acadian Asset Management LLC grew its holdings in JinkoSolar by 41.2% in the 1st quarter. Acadian Asset Management LLC now owns 387,834 shares of the semiconductor company's stock worth $7,220,000 after acquiring an additional 113,187 shares during the last quarter. Institutional investors own 35.82% of the company's stock.

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.

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