JA Solar Bucks the Solar Stock Downtrend $JASO
Shares of JA Solar Holdings Co. Ltd. (ADR) (NASDAQ: JASO), a manufacturer of high-performance solar cells, are seeing a huge rally in today’s trading. At last check, JA Solar shares were trading 14.50% higher at $2.29, with volume up from daily average of 4.92 million to 5.08 million.
JA Solar shares are rebounding after hitting a new 52-week low of $2 on Tuesday. The stock fell sharply last week after another Chinese solar cells manufacturer, JinkoSolar Holding Co. (NYSE: JKS), reported that it suspended operations at one of its plant due to environmental issues. The news dragged Chinese solar stocks lower.
JA Solar released its most recent quarterly results (Q2) back in August. The company reported second-quarter revenue of $413 million, representing an increase of 12.1% on a year-over-year basis. The company’s shipments for the second quarter of 2011 increased 28.9% to 401 MW. At the end of the second quarter of 2011, JA Solar had a cash balance of $616.9 million.
Last month, JA Solar also signed a supply agreement with a subsidiary of China Power Investment. Under the agreement, JA Solar will supply 21 MW of solar products.
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