JinkoSolar (NYSE:JKS) Shares Climb 9.3% After Earnings Beat

Key Points

• JinkoSolar shares surged 9.3% to about $9.43 after the company reported quarterly EPS of negative $0.03, beating the consensus estimate of negative $2.11 by $2.08.
• Revenue totaled $2.03 billion, below the $2.42 billion analyst consensus, while the company reported a negative net margin of 5.04% and negative return on equity of 8.83%.
• Analyst sentiment remains cautious: JinkoSolar has a consensus “Hold” rating, with four Holds and two Sells among eight analysts, despite a consensus price target of $19.88.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report) shares were up 9.3% on Monday following a stronger than expected earnings report. The stock traded as high as $9.42 and last traded at $9.4340. Approximately 363,449 shares were traded during trading, a decline of 50% from the average daily volume of 726,393 shares. The stock had previously closed at $8.63.

The semiconductor company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($2.11) by $2.08. JinkoSolar had a negative net margin of 5.04% and a negative return on equity of 8.83%. The business had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.42 billion.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on JKS shares. Freedom Broker downgraded shares of JinkoSolar from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 27th. Roth Capital reduced their target price on shares of JinkoSolar from $25.00 to $16.00 and set a "neutral" rating for the company in a research note on Thursday, August 27th. Wall Street Zen lowered JinkoSolar from a "sell" rating to a "strong sell" rating in a report on Monday, October 26th. Weiss Ratings restated a "sell (d)" rating on shares of JinkoSolar in a research report on Friday. Finally, The Goldman Sachs Group set a $11.00 target price on shares of JinkoSolar in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $19.88.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Engineers Gate Manager LP acquired a new stake in JinkoSolar during the 2nd quarter worth about $298,000. Cetera Investment Advisers purchased a new stake in JinkoSolar in the 1st quarter valued at $307,000. Renaissance Technologies LLC increased its holdings in shares of JinkoSolar by 96.2% during the 1st quarter. Renaissance Technologies LLC now owns 82,200 shares of the semiconductor company's stock worth $2,089,000 after buying an additional 40,300 shares during the last quarter. Himension Capital Singapore PTE. LTD. raised its holdings in JinkoSolar by 5.1% in the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 82,319 shares of the semiconductor company's stock valued at $2,092,000 after buying an additional 3,961 shares during the period. Finally, Hsbc Holdings PLC lifted its stake in JinkoSolar by 355.9% during the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company's stock worth $4,817,000 after purchasing an additional 147,992 shares in the last quarter. Institutional investors own 35.82% of the company's stock.

JinkoSolar Trading Up 9.3%

The company's 50 day moving average price is $10.36 and its 200 day moving average price is $19.08. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.13 and a quick ratio of 0.84. The firm has a market cap of $500.94 million, a PE ratio of -1.21 and a beta of 0.52.

About JinkoSolar

JinkoSolar Holding Co, Ltd. is a global solar photovoltaic (PV) manufacturer that develops and produces products used to convert sunlight into electricity. The company's portfolio includes silicon wafers, solar cells, PV modules and related energy-storage products, serving utility-scale solar projects as well as commercial, industrial and residential customers.

Founded in 2006, JinkoSolar has developed a vertically integrated manufacturing business spanning much of the solar supply chain.

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