Strength Seen in JinkoSolar (JKS): Can Its 5.2% Jump Turn into More Strength?
JinkoSolar (JKS) shares ended the last trading session 5.2% higher at $27.91. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.7% loss over the past four weeks.
JinkoSolar has recently signed an agreement with Failte Solar to deliver 200 megawatts of its N-Type Tiger Neo solar module to the latter, which will be used in the Irish distribution generation market. This might have boosted confidence among the stock’s investors, thereby resulting in JKS’ latest share price hike.
This solar power product maker is expected to post quarterly earnings of $1.96 per share in its upcoming report, which represents a year-over-year change of +232.2%. Revenues are expected to be $4.22 billion, up 53.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For JinkoSolar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on JKS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
JinkoSolar is part of the Zacks Solar industry. SunPower (SPWR), another stock in the same industry, closed the last trading session 0.3% lower at $6.08. SPWR has returned -11% in the past month.
For SunPower , the consensus EPS estimate for the upcoming report has changed -110.5% over the past month to $0. This represents a change of -100% from what the company reported a year ago. SunPower currently has a Zacks Rank of #5 (Strong Sell).
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JinkoSolar Holding Company Limited (JKS) : Free Stock Analysis Report
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