JinkoSolar (NYSE:JKS) Shares Gap Up – Should You Buy?

JinkoSolar Holding Co., Ltd. (NYSE:JKS)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $23.25, but opened at $23.89. JinkoSolar shares last traded at $23.73, with a volume of 58,767 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Daiwa Capital Markets lowered shares of JinkoSolar from an “underperform” rating to a “sell” rating in a research report on Friday, January 10th. Jefferies Financial Group lifted their target price on shares of JinkoSolar from $36.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Glj Research decreased their target price on shares of JinkoSolar from $13.08 to $10.95 and set a “sell” rating on the stock in a research report on Thursday, January 23rd. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, JinkoSolar has an average rating of “Hold” and a consensus target price of $28.79.

JinkoSolar Price Performance

The stock’s 50-day moving average price is $22.18 and its 200-day moving average price is $23.02. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 40.24 and a beta of 0.40. The company has a quick ratio of 0.97, a current ratio of 1.22 and a debt-to-equity ratio of 0.81.

Hedge Funds Weigh In On JinkoSolar

A number of large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its position in shares of JinkoSolar by 42.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 49,365 shares of the semiconductor company’s stock worth $1,229,000 after purchasing an additional 14,765 shares in the last quarter. Twinbeech Capital LP raised its stake in shares of JinkoSolar by 219.9% during the fourth quarter. Twinbeech Capital LP now owns 25,960 shares of the semiconductor company’s stock worth $646,000 after buying an additional 17,846 shares during the last quarter. Millennium Management LLC bought a new stake in shares of JinkoSolar during the fourth quarter worth approximately $2,846,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of JinkoSolar by 85.1% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 8,697 shares of the semiconductor company’s stock worth $217,000 after buying an additional 3,998 shares during the last quarter. Finally, CoreCommodity Management LLC raised its stake in shares of JinkoSolar by 1.1% during the fourth quarter. CoreCommodity Management LLC now owns 61,559 shares of the semiconductor company’s stock worth $1,533,000 after buying an additional 640 shares during the last quarter. 35.82% of the stock is currently owned by institutional investors and hedge funds.

JinkoSolar Company Profile

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.