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NEW YORK ( TheStreet) -- Telefonica (NYSE: TEF) hit a new 52-week low Friday as it is currently trading at $14.88, below its previous 52-week low of $15.02 with 1.8 million shares traded as of 9:35 a.m. ET. Average volume has been 3.4 million shares over the past 30 days. Telefonica has a market cap of $70.7 billion and is part of the technology sector and telecommunications industry. Shares are down 10.6% year to date as of the close of trading on Thursday. Telefonica, S.A. provides fixed and mobile telephony services primarily in Spain, Latin America, and rest of Europe. The company has a P/E ratio of 57.4, above the average telecommunications industry P/E ratio of 9.9 and above the S&P 500 P/E ratio of 17.7.