NEW YORK ( TheStreet) -- Shares of Blue Nile (Nasdaq: NILE) were gapping down Thursday morning with an open price 19.6% lower than Wednesday's closing price. The stock closed at $41.83 Wednesday and opened today's trading at $33.65. The average volume for Blue Nile has been 316,800 shares per day over the past 30 days. Blue Nile has a market cap of $513.8 million and is part of the services sector and specialty retail industry. Shares are up 2.3% year to date as of the close of trading on Wednesday. Blue Nile, Inc., together with its subsidiaries, operates as an online retailer of diamonds and fine jewelry worldwide. The company has a P/E ratio of 48.4, above the average specialty retail industry P/E ratio of 42.6 and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Blue Nile as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, poor profit margins and weak operating cash flow. You can view the full Blue Nile Ratings Report. Get more investment ideas from our investment research center. Interested in other stocks that are gapping down? Get free SMS text alerts sent to you when the action happens by texting DOWN to 95370 or select from multiple alert options.