NEW YORK ( TheStreet) -- Shares of Masimo Corporation (Nasdaq: MASI) were gapping down Wednesday morning with an open price 15.9% lower than Tuesday's closing price. The stock closed at $22.32 Tuesday and opened today's trading at $18.77.

The average volume for Masimo has been 590,600 shares per day over the past 30 days. Masimo has a market cap of $1.4 billion and is part of the health care sector and health services industry. Shares are down 23.2% year to date as of the close of trading on Tuesday.

Masimo Corporation, a medical technology company, develops, manufactures, and markets noninvasive patient monitoring products worldwide. The company has a P/E ratio of 20.8, above the average health services industry P/E ratio of 20.6 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Masimo as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year. You can view the full Masimo Ratings Report.

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