JA Solar Sets New Session High

Shares of JA Solar Holdings Co. (JASO) surged higher today after the company announced a deal to supply 400 megawatts of solar modules to one of the leading European specialists in photovoltaic systems through the end of fiscal 2013. The company said the deal will help it boost its footprint in Europe.

Technically speaking, JASO has been moving largely higher over the past seven months and is currently trading above its 50-day [$7.19] moving average and above its 200-day [$6.75] MA. The stock is now poised to challenge resistance at $8.50, a level that hasn’t been surmounted on a daily closing basis since November 15 (zooming out to a yearly chart, the $7.00 area must hold to prevent a further slide). JASO, whose shares during the past 52-weeks have outperformed the broader S&P 500 Index (SPX) by an impressive 24%, currently trade at a trailing P/E of 6.83, a forward multiple of 5.42 and an undervalued P/E to Growth ratio of 0.32. In the past year, JASO has hit a 52-week low of $4.22 and 52-week high of $10.24. Day’s range: $7.01 – $7.47.

The median Wall Street price target on JASO is $11.00 with a high target of $20.00.

At last check, JA Solar Holding was up 51 cents, or 7.36%, to $7.45. Nearly 11 million shares were changing hands on Wednesday afternoon against an average trading volume of 8.7 million.

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About Ron Haruni 1069 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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