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NEW YORK ( TheStreet) -- Ormat Technologies (NYSE: ORA) hit a new 52-week low Thursday as it is currently trading at $23.02, below its previous 52-week high of $31.88 with 54,002 shares traded as of 9:52 a.m. ET. Average volume has been 215,000 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 18.3% year to date as of the close of trading on Wednesday. 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 33.7, above the average utilities industry P/E ratio of 29.6 and above the S&P 500 P/E ratio of 17.