NEW YORK ( TheStreet) - Shares of First Solar ( FSLR) and MetroPCS ( PCS) were among the worst-performers in the S&P 500 on Monday. The S&P 500 declined 5.3 points, or 0.39%, to 1,364.33 on Monday.
Shares of First Solar dropped 6.46% to $28.08 on volume of 10.8 million. The solar stock hit a 52-week low Monday of $27.50. The stock's 52-week high of $163 was set on April 1. First Solar has been having problems with its solar panel performance in intense heat. The company is also being investigated by the Securities and Exchange Commission for possible violations of Regulation Fair Disclosure. First Solar shares trade at an estimated price-to-earnings ratio for next year of 6.3X; the average for renewable energy equipment companies is 9.87X. For comparison, SunPower ( SPWR) has a higher forward P/E of 12.2X. Twenty-six of the 40 analysts who cover First Solar rate it at hold. Seven analysts give the stock a buy rating and another seven rate it at sell. TheStreet Ratings gives the stock a C- grade and hold rating. The stock has fallen 16.82% year to date.