First Solar: S&P Laggard
NEW YORK (TheStreet) -- First Solar(FSLR) was the worst-performing stock in the S&P 500 on Thursday morning.
The S&P 500 was rising 9.39 points, or 0.69%, to 1,378.10.
Shares of First Solar fell 2.71% to $21.89. The Walton family of Wal-Mart(WMT) fame, which is the largest investor in First Solar, will have a representative on First Solar's extended board, according to a Securities and Exchange Commission filing on Wednesday.
First Solar was the best-performing stock in the S&P 500 on Wednesday After it hit a 52-week low on Tuesday of $20.03.
First Solar has an estimated price-to-earnings ratio for next year of 5.38 times; the average for renewable energy equipment companies is 9.11. For comparison, GT Advanced Technologies(GTAT) has a lower forward P/E of 4.6; SunPower's(SPWR) forward P/E is 11.32.
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 hold.