JinkoSolar (NYSE:JKS) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $22.35 and traded as high as $27.08. JinkoSolar shares last traded at $25.47, with a volume of 687,814 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. StockNews.com raised shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Roth Mkm decreased their price target on JinkoSolar from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. The Goldman Sachs Group cut their price objective on JinkoSolar from $21.00 to $18.00 and set a “sell” rating for the company in a research report on Tuesday, September 3rd. Finally, Jefferies Financial Group boosted their price objective on JinkoSolar from $36.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, JinkoSolar currently has a consensus rating of “Hold” and an average price target of $31.33.

JinkoSolar Stock Performance

The stock’s fifty day moving average is $23.90 and its 200-day moving average is $22.35. The company has a quick ratio of 0.97, a current ratio of 1.22 and a debt-to-equity ratio of 0.81. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 43.17 and a beta of 0.35.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of JKS. Decade Renewable Partners LP bought a new position in shares of JinkoSolar during the second quarter worth about $4,272,000. Millennium Management LLC grew its stake in shares of 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 raised its holdings in shares of JinkoSolar by 49.5% in the second quarter. Marshall Wace LLP now owns 447,709 shares of the semiconductor company’s stock valued at $9,277,000 after purchasing an additional 148,268 shares during the last quarter. Point72 Europe London LLP acquired a new position in JinkoSolar during the second quarter worth $3,023,000. Finally, Dimensional Fund Advisors LP grew its position in JinkoSolar by 8.2% in 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 in the last quarter. Institutional investors own 35.82% of the company’s stock.

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.