JinkoSolar (NYSE:JKS) Stock Price Crosses Above Fifty Day Moving Average Following Analyst Downgrade

Key Points

• JinkoSolar shares moved above their 50-day moving average after Freedom Broker upgraded the stock to Buy; shares traded as high as $10.24, versus a 50-day average of $10.10.
• Analyst views remain mixed: the consensus rating is Hold, with an average price target of $18.38. Recent calls range from Buy to Sell, including Roth Capital cutting its target to $10.
• JinkoSolar beat quarterly EPS estimates, reporting a loss of $0.03 per share versus analysts’ expected loss of $2.11, but revenue of $2.03 billion fell short of the $2.42 billion estimate.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report)'s share price crossed above its 50 day moving average during trading on Tuesday after Freedom Broker upgraded the stock from a hold rating to a buy rating. The stock has a 50 day moving average of $10.10 and traded as high as $10.24. JinkoSolar shares last traded at $10.1260, with a volume of 1,178,828 shares trading hands.

Other equities analysts have also issued reports about the company. Zacks Research raised JinkoSolar from a "strong sell" rating to a "hold" rating in a research note on Monday, October 26th. The Goldman Sachs Group set a $11.00 price objective on shares of JinkoSolar in a research report on Thursday, August 27th. Roth Capital lowered their price objective on shares of JinkoSolar from $16.00 to $10.00 and set a "neutral" rating for the company in a research note on Monday. Wall Street Zen downgraded shares of JinkoSolar from a "sell" rating to a "strong sell" rating in a research report on Monday, October 26th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of JinkoSolar in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $18.38.

Institutional Investors Weigh In On JinkoSolar

A number of hedge funds have recently added to or reduced their stakes in the company. Hsbc Holdings PLC increased its holdings in shares of JinkoSolar by 355.9% during the first quarter. Hsbc Holdings PLC now owns 189,569 shares of the semiconductor company's stock valued at $4,817,000 after acquiring an additional 147,992 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of JinkoSolar by 96.2% in the 1st quarter. Renaissance Technologies LLC now owns 82,200 shares of the semiconductor company's stock worth $2,089,000 after purchasing an additional 40,300 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of JinkoSolar by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 845,017 shares of the semiconductor company's stock worth $21,449,000 after purchasing an additional 3,118 shares in the last quarter. Himension Capital Singapore PTE. LTD. lifted its holdings in shares of JinkoSolar by 5.1% in the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 82,319 shares of the semiconductor company's stock worth $2,092,000 after purchasing an additional 3,961 shares in the last quarter. Finally, Cetera Investment Advisers bought a new position in shares of JinkoSolar in the 1st quarter worth $307,000. Institutional investors and hedge funds own 35.82% of the company's stock.

JinkoSolar Trading Up 7.6%

The firm's 50-day moving average is $10.10 and its 200-day moving average is $18.88. The company has a current ratio of 1.13, a quick ratio of 0.84 and a debt-to-equity ratio of 1.10. The firm has a market cap of $537.69 million, a price-to-earnings ratio of -1.30 and a beta of 0.39.

JinkoSolar (NYSE:JKS - Get Free Report) last announced its quarterly earnings results on Friday, October 30th. The semiconductor company reported ($0.03) EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $2.42 billion. As a group, sell-side analysts anticipate that JinkoSolar Holding Company Limited will post -5.63 EPS for the current fiscal year.

JinkoSolar Company Profile

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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