JinkoSolar Hits 52-Week High (JKS)

Shares of Chinese solar company JinkoSolar Holding Company Limited

are currently up 20.1% at $36.22 per share during Monday afternoon trading. Today's trading range for shares of JinkoSolar Holding Company Limited has been between $31.87 and a 52-week high of $37.34 per share. The consensus price target of analysts covering the company's stock is $33.40 per share. Volume of 4.8 million shares is already far above the daily average volume of 680,000 shares. JinkoSolar Holding Company Limited (

) released financial results early Monday morning that far exceeded Wall Street estimates. JinkoSolar Holding Company Limited reported 3rd quarter earnings of $1.75 per share, on revenue of $215 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 96 cents per share, on revenue of $153.3 million. Chief financial officer Longgen Zhang said, "We significantly exceeded our third quarter revenue targets, achieved record gross margin and our net income nearly doubled as we continued to expand our capacities to capitalize on economies of scale. Through continuous improvements in operation efficiency and technology advancements we have significantly lowered our non-silicon cost ahead of our cost reduction roadmap throughout the value chain. With a healthy cash position and competitive manufacturing costs, we are poised to expand our operations and expect to deliver robust results for the full year 2010." The company forecast 4th quarter revenues in the range of $210 million to $220 million. Read more