NEW YORK (
was the worst-performing stock in the
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
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,
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.
gives First Solar a
and hold rating. The stock has declined 26.04% year to date.
-- Written by Alexandra Zendrian
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