JinkoSolar (JKS) shares ended the last trading session 18.9% higher at $49.12. 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 6.7% loss over the past four weeks.
JinkoSolar announced on March 15 that it is going to release its fourth-quarter 2021 results on March 23. Investors’ optimism following this news release must have resulted in the latest uptick observed in JKS’ share price, which was already rallying post receiving the UGGC Best Practices Sustainability Awards 2021 for the first time on March 14.
This solar power product maker is expected to post quarterly earnings of $0.31 per share in its upcoming report, which represents a year-over-year change of +181.8%. Revenues are expected to be $2.14 billion, up 48% 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 belongs to the Zacks Solar industry. Another stock from the same industry, Enphase Energy (ENPH), closed the last trading session 7.6% higher at $177.21. Over the past month, ENPH has returned 6.7%.
Enphase Energy’s consensus EPS estimate for the upcoming report has changed +3.2% over the past month to $0.65. Compared to the company’s year-ago EPS, this represents a change of +16.1%. Enphase Energy currently boasts a Zacks Rank of #3 (Hold).
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