Why JinkoSolar Holding Co., Ltd. Shares Lit Up Today
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of JinkoSolar Holding Co., Ltd. jumped more than 11% Thursday thanks to a positive analyst note.
So what: In a note to clients yesterday, analysts at ING Group reiterated their buy rating on JinkoSolar stock. JinkoSolar shares fell around 3% Tuesday after the company turned in mixed first-quarter results. Specifically, revenue grew 73.1% year over year, to $323.9 million, which translated to non-GAAP earnings of $0.20 per American depositary share. Analysts, on average, were looking for higher adjusted earnings of $0.40 per share on lower sales of $288.6 million.
Now what: I have to agree with both today's reiteration and fellow Fool Travis Hoium, who noted earlier this week that JinkoSolar's long-term prospects remain firmly intact. What's more, JinkoSolar's sequential drop in shipments during the seasonably slow Q1 was significantly smaller than the industry as a whole. Given a quickly improving global solar market, and with shares currently trading around 6.3 times next year's expected earnings, I still think investors would do well to hang onto JinkoSolar shares.
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The article Why JinkoSolar Holding Co., Ltd. Shares Lit Up Today originally appeared on Fool.com.Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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