JinkoSolar Holding Co., Ltd. (NYSE:JKS – Get Rating) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totalling 2,580,000 shares, a decline of 14.6% from the August 15th total of 3,020,000 shares. Based on an average daily volume of 1,260,000 shares, the short-interest ratio is presently 2.0 days.
JinkoSolar Trading Down 1.6 %
JinkoSolar stock traded down $0.92 during trading hours on Monday, hitting $56.13. The company had a trading volume of 641,030 shares, compared to its average volume of 1,287,948. JinkoSolar has a 1 year low of $35.41 and a 1 year high of $76.92. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 1.09. The firm has a market cap of $2.81 billion, a P/E ratio of -46.91 and a beta of 0.70. The company has a 50-day moving average price of $61.69 and a two-hundred day moving average price of $57.75.
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JinkoSolar announced that its board has approved a stock repurchase plan on Wednesday, July 6th that allows the company to repurchase $0.00 in shares. This repurchase authorization allows the semiconductor company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.
Institutional Investors Weigh In On JinkoSolar
Large investors have recently modified their holdings of the business. FNY Investment Advisers LLC bought a new stake in shares of JinkoSolar in the 2nd quarter valued at about $46,000. Selective Wealth Management Inc. bought a new position in shares of JinkoSolar during the 2nd quarter worth approximately $55,000. Counterpoint Mutual Funds LLC raised its stake in shares of JinkoSolar by 120.2% during the 1st quarter. Counterpoint Mutual Funds LLC now owns 1,295 shares of the semiconductor company's stock worth $63,000 after acquiring an additional 707 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of JinkoSolar during the 1st quarter worth approximately $64,000. Finally, Financial Gravity Asset Management Inc. bought a new position in shares of JinkoSolar during the 2nd quarter worth approximately $5,543,000. Institutional investors own 88.68% of the company's stock.
Analysts Set New Price Targets
JKS has been the subject of a number of recent analyst reports. The Goldman Sachs Group lifted their price target on shares of JinkoSolar from $31.00 to $35.00 and gave the stock a "sell" rating in a research note on Monday, August 29th. TheStreet cut shares of JinkoSolar from a "c" rating to a "d+" rating in a research report on Monday, September 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $51.03.
JinkoSolar Company Profile
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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; and develops commercial solar power projects.
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