JinkoSolar Stock Jumps Off Lows After Revenue Beat

JKS marked its lowest levels since Oct. 2020 on Friday

Laura McCandless

Deputy Editor

Oct 30, 2023 at 10:52 AM

China-based energy stock JinkoSolar Holding Co (NYSE:JKS) is enjoying a post-earnings boost today, up 17.2% at $30.35 at last glance. The company announced better-than-expected third-quarter revenue, though earnings of 88 cents per share missed analyst estimates of $1.44 per share.

Today's pop has the shares rebounding from last session's three-year low of $25.15. Looking to close back above recent pressure at its 20-day moving average, JKS is down 26% since the start of the year.

JKS' typically quiet options pits are seeing a surge in activity. So far, 1,172 calls and 388 puts have been exchanged, which is six times the options volume typically seen at this point. The weekly 11/3 32-strike call is the most popular, with new positions being sold to open there.

Of the seven analysts in coverage, four carry a "buy" or better rating, with three a "hold" or worse. Meanwhile, the 12-month consensus price target of $50.37 is a roughly 67% premium to current levels.

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