Shares of JinkoSolar Holding Co., Ltd. (NYSE:JKS) jumped as much as 16.1% in trading Tuesday after the company was named a top brand in Europe. Shares are still up 15.3% at 2:20 p.m. EST and show no signs of moving backward.
The announcement today is that JinkoSolar was awarded "Top Brand PB Europe Seal 2020" by the EuPD Research institute. This is the second time the company has gotten the label, which is awarded based on feedback from installers from around the continent. It's at least an endorsement of the company's quality in the global solar market.
It didn't hurt today that solar stocks overall are on the rise; JinkoSolar is leading the way as one of the industry's more volatile stocks. Sometimes an overall industry rise is enough to send a stock up double digits, and that may be the case today, with the award I highlighted above just reinforcing the company's leading position in the industry.
There's not enough news today to change your investment thesis on JinkoSolar, but I still like the company's position. It has among the most manufacturing capacity in the solar industry, high quality, and improving efficiency. That's a perfect combination for a growing solar industry and could keep this renewable energy stock moving higher in 2020 and beyond.