JinkoSolar (NYSE:JKS) Share Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

JinkoSolar Holding Company Limited (NYSE:JKS)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $20.64 and traded as high as $24.14. JinkoSolar shares last traded at $23.44, with a volume of 2,520,342 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on JKS. UBS Group dropped their price objective on shares of JinkoSolar from $25.00 to $22.00 and set a “neutral” rating on the stock in a report on Thursday, March 27th. Citigroup downgraded JinkoSolar from a “buy” rating to a “sell” rating in a research note on Monday, May 5th. Finally, The Goldman Sachs Group cut their price target on JinkoSolar from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Thursday, March 27th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $27.19.

JinkoSolar Price Performance

The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -4.67 and a beta of 0.22. The company’s fifty day moving average is $19.05 and its 200 day moving average is $20.64. The company has a quick ratio of 1.07, a current ratio of 1.33 and a debt-to-equity ratio of 1.11.

JinkoSolar (NYSE:JKS) last issued its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported ($2.85) EPS for the quarter, missing the consensus estimate of ($1.45) by ($1.40). The business had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.89 billion. JinkoSolar had a negative return on equity of 2.95% and a negative net margin of 2.23%. The company’s quarterly revenue was down 39.9% compared to the same quarter last year. During the same period last year, the firm earned $1.34 earnings per share. On average, equities research analysts predict that JinkoSolar Holding Company Limited will post -0.24 EPS for the current year.

JinkoSolar Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 16th. Investors of record on Wednesday, July 2nd will be given a dividend of $0.325 per share. The ex-dividend date of this dividend is Wednesday, July 2nd. This represents a $1.30 annualized dividend and a yield of 5.55%. JinkoSolar’s dividend payout ratio (DPR) is presently -29.48%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in JKS. New York State Common Retirement Fund bought a new position in shares of JinkoSolar in the fourth quarter valued at $132,000. Bank of New York Mellon Corp lifted its stake in JinkoSolar by 245.8% in the fourth quarter. Bank of New York Mellon Corp now owns 41,445 shares of the semiconductor company’s stock valued at $1,032,000 after acquiring an additional 29,459 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of JinkoSolar in the 4th quarter valued at about $119,000. AI Squared Management Ltd acquired a new position in shares of JinkoSolar during the 4th quarter worth about $2,336,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of JinkoSolar by 5.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,289 shares of the semiconductor company’s stock worth $532,000 after purchasing an additional 1,028 shares during the last quarter. Institutional investors and hedge funds own 35.82% of the company’s stock.

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.