JinkoSolar (NYSE:JKS) Reaches New 12-Month High – Here’s Why

JinkoSolar Holding Company Limited (NYSE:JKS)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $31.00 and last traded at $29.9440, with a volume of 692125 shares traded. The stock had previously closed at $27.04.

Analyst Upgrades and Downgrades

Several research analysts have commented on JKS shares. Wall Street Zen raised JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. The Goldman Sachs Group raised their price objective on JinkoSolar from $15.00 to $18.00 and gave the stock a “sell” rating in a research report on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of JinkoSolar in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Sell” and an average price target of $28.99.

JinkoSolar Stock Performance

The stock has a market capitalization of $1.60 billion, a P/E ratio of -6.18 and a beta of 0.60. 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 50-day moving average price of $24.71 and a two-hundred day moving average price of $22.48.

Hedge Funds Weigh In On JinkoSolar

A number of institutional investors and hedge funds have recently modified their holdings of the business. MTM Investment Management LLC bought a new stake in shares of JinkoSolar in the 2nd quarter valued at $28,000. Banque Cantonale Vaudoise bought a new position in JinkoSolar during the first quarter worth $36,000. Raymond James Financial Inc. acquired a new stake in JinkoSolar in the second quarter worth $47,000. Caitong International Asset Management Co. Ltd increased its stake in JinkoSolar by 502.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 5,470 shares of the semiconductor company’s stock valued at $102,000 after purchasing an additional 4,562 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of JinkoSolar during the third quarter valued at about $182,000. 35.82% of the stock is currently owned by institutional investors.

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.