JinkoSolar Holding Co. (JKS) Trading 6.4% Higher Following Earnings Beat
JinkoSolar Holding Co. (NYSE:JKS)’s share price traded up 6.4% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $15.15 and last traded at $14.63, with a volume of 1,354,678 shares. The stock had previously closed at $13.75.
The company reported $1.40 EPS for the quarter, beating the consensus estimate of $0.55 by $0.85. The business earned $855.30 million during the quarter, compared to analysts’ expectations of $749.37 million. JinkoSolar Holding had a return on equity of 35.45% and a net margin of 5.49%. The company’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same period last year, the firm earned $1.04 EPS.
Several analysts have recently commented on the company. Credit Suisse Group AG reissued an “outperform” rating on shares of JinkoSolar Holding in a report on Monday. Craig Hallum assumed coverage on JinkoSolar Holding in a report on Tuesday, November 8th. They set a “buy” rating and a $36.00 price objective for the company. Zacks Investment Research cut JinkoSolar Holding from a “hold” rating to a “sell” rating in a report on Wednesday, October 26th. Roth Capital reaffirmed a “neutral” rating and set a $18.00 price objective on shares of JinkoSolar Holding in a report on Thursday, October 13th. Finally, Morgan Stanley set a $27.20 price objective on JinkoSolar Holding and gave the stock a “buy” rating in a report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $30.24.
A number of institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in JinkoSolar Holding during the second quarter valued at $132,000. KBC Group NV increased its position in JinkoSolar Holding by 32.9% in the third quarter. KBC Group NV now owns 8,814 shares of the company’s stock valued at $139,000 after buying an additional 2,180 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in JinkoSolar Holding by 102.5% in the second quarter. Public Employees Retirement System of Ohio now owns 8,100 shares of the company’s stock valued at $165,000 after buying an additional 4,100 shares during the last quarter. Guinness Asset Management Ltd increased its position in JinkoSolar Holding by 13.4% in the second quarter. Guinness Asset Management Ltd now owns 8,490 shares of the company’s stock valued at $173,000 after buying an additional 1,000 shares during the last quarter. Finally, BlackRock Inc. increased its position in JinkoSolar Holding by 137.4% in the first quarter. BlackRock Inc. now owns 8,304 shares of the company’s stock valued at $173,000 after buying an additional 4,806 shares during the last quarter. 19.63% of the stock is owned by institutional investors.
The firm has a 50-day moving average of $15.75 and a 200-day moving average of $18.52. The company has a market capitalization of $460.71 million, a P/E ratio of 2.82 and a beta of 2.33.
JinkoSolar Holding Company Profile
JinkoSolar Holding Co, Ltd. operates in the photovoltaic (PV) industry. The Company has built a vertically integrated solar power product value chain, from recovering silicon materials to manufacturing solar modules and solar power generation. The Company’s segments include the manufacturing segment and the solar power projects segment.
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