NEW YORK (TheStreet) -- Himax  (HIMX - Get Report) stock is plunging 13.57% to $9.30 on heavy trading volume on Thursday, after the company reported 2016 first quarter financial results. 

Before the market open, the Taiwan-based fabless semiconductor solution provider reported adjusted earnings of 7.8 cents per ADS, while analysts were looking for earnings of 7 cents per ADS.

Revenue rose by 1.3% year-over-year to $180.3 million for the most recent quarter, below analysts' estimates for $181.3 million.

For the current quarter, Himax anticipates that revenue will increase between 7.5% and 12.5% sequentially and grow more than 30% year-over-year. 

The company expects second quarter earnings to range between 8.5 and 10.5 cents per ADS, representing between 66.7% and 105.9% growth year-over-year. 

About 8.04 million shares of Himax have been traded so far today, well above the company's average trading volume of roughly 2.53 million shares per day. 

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C+.

Himax's strengths such as its largely solid financial position with reasonable debt levels by most measures and solid stock price performance are countered by weaknesses including deteriorating net income, disappointing return on equity and poor profit margins.

You can view the full analysis from the report here: HIMX

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.