NEW YORK ( TheStreet) -- First Solar ( FSLR) was the worst-performing stock in the S&P 500 midday Wednesday. The S&P was down 7.06 points, or 0.5%, to 1,405.46.
Shares of First Solar fell 4.37% to $24.97. In Wednesday's news, Italy is planning to cut its solar power generation incentives, according to Reuters. First Solar hit a 52-week low on Wednesday of $24.50. The stock's 52-week high of $163 was set on April 1. First Solar has an estimated price-to-earnings ratio of 5.79 times; the average for renewable energy equipment companies is 8. For comparison, SunPower ( SPWR) and Solar Power ( SOPW) both have higher forward P/Es of 11.84 and 7.14, respectively. Twenty-seven of the 39 analysts who cover First Solar rated it hold. Six analysts gave the stock a buy rating and another six rated it sell. TheStreet Ratings gives First Solar a C- grade and hold rating. The stock has declined 26.04% year to date. -- Written by Alexandra Zendrian >To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: email@example.com. >To follow the writer on Twitter, go to Alexandra Zendrian.