NEW YORK ( TheStreet) -- Ormat Technologies (NYSE: ORA) hit a new 52-week low Friday as it traded at $23.03 compared with its previous 52-Week low of $23.11. Ormat is changing hands at $23.21 with 54,035 shares traded as of 10:56 a.m. ET. Average volume has been 175,400 shares over the past 30 days.

Ormat has a market cap of $1.1 billion and is part of the utilities sector and utilities industry. Shares are down 21.4% year to date as of the close of trading on Thursday.

Ormat Technologies, Inc., together with its subsidiaries, engages in the geothermal and recovered energy power business worldwide. The company operates in two segments, Electricity and Product. The company has a P/E ratio of 32.8, above the average utilities industry P/E ratio of 28.8 and above the S&P 500 P/E ratio of 17.5.

TheStreet Ratings rates Ormat as hold. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and disappointing return on equity. You can view the full Ormat Ratings Report.

See all 52-week low stocks or get investment ideas from our investment research center.