NEW YORK (

TheStreet

) --

First Solar

(FSLR) - Get Report

was the worst-performing stock in the

S&P 500

midday Wednesday.

The S&P was down 7.06 points, or 0.5%, to 1,405.46.

Shares of First Solar fell 4.37% to $24.97. In Wednesday's news, Italy is planning to cut its solar power generation incentives, according to

Reuters

.

First Solar hit a 52-week low on Wednesday of $24.50. The stock's 52-week high of $163 was set on April 1.

First Solar has an estimated price-to-earnings ratio of 5.79 times; the average for renewable energy equipment companies is 8. For comparison,

SunPower

(SPWR) - Get Report

and

Solar Power

(SOPW)

both have higher forward P/Es of 11.84 and 7.14, respectively.

Twenty-seven of the 39 analysts who cover First Solar rated it hold. Six analysts gave the stock a buy rating and another six rated it sell.

TheStreet Ratings

gives First Solar a

C- grade

and hold rating. The stock has declined 26.04% year to date.

-- Written by Alexandra Zendrian

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Alexandra Zendrian

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