JinkoSolar (NYSE:JKS) Shares Gap Up – Here’s What Happened

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $19.87, but opened at $20.90. JinkoSolar shares last traded at $21.28, with a volume of 586,733 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on JKS. The Goldman Sachs Group lowered their target price on shares of JinkoSolar from $21.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday, September 3rd. StockNews.com raised JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Finally, Roth Mkm cut their target price on JinkoSolar from $25.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $24.60.

JinkoSolar Price Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.79 and a current ratio of 1.08. The stock has a market capitalization of $1.08 billion, a PE ratio of 3.18 and a beta of 0.43. The company’s fifty day simple moving average is $20.88 and its two-hundred day simple moving average is $22.57.

JinkoSolar (NYSE:JKS) last posted its quarterly earnings data on Friday, August 30th. The semiconductor company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.92. The firm had revenue of $3.31 billion during the quarter, compared to analysts’ expectations of $3.85 billion. JinkoSolar had a return on equity of 7.86% and a net margin of 1.65%. As a group, sell-side analysts predict that JinkoSolar Holding Co., Ltd. will post -0.42 EPS for the current year.

JinkoSolar Announces Dividend

The business also recently disclosed a Variable dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were paid a dividend of $1.50 per share. This represents a dividend yield of 15.6%. The ex-dividend date of this dividend was Thursday, August 15th. JinkoSolar’s dividend payout ratio is currently 46.18%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Decade Renewable Partners LP acquired a new position in shares of JinkoSolar during the second quarter worth about $4,272,000. Millennium Management LLC lifted its position in JinkoSolar by 2,305.1% during the 2nd quarter. Millennium Management LLC now owns 168,911 shares of the semiconductor company’s stock worth $3,500,000 after acquiring an additional 161,888 shares in the last quarter. Marshall Wace LLP boosted its holdings in JinkoSolar by 49.5% in the 2nd quarter. Marshall Wace LLP now owns 447,709 shares of the semiconductor company’s stock worth $9,277,000 after acquiring an additional 148,268 shares during the period. Point72 Europe London LLP acquired a new stake in JinkoSolar in the second quarter valued at approximately $3,023,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of JinkoSolar by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 981,492 shares of the semiconductor company’s stock valued at $20,357,000 after purchasing an additional 74,219 shares during the period. 35.82% of the stock is owned by institutional investors and hedge funds.

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.