Shares of solar power equipment maker MEMC Electronic Materials, Inc. (NYSE:WFR) moved down 25% to their lowest level in excess of a decade on Thursday, a day following the firm reported it lost $92 million in the Q1 on plunging sales.
The global solar power industry has been battered over the previous year by oversupply, weak demand and low prices. Many firms have had to sell solar panels at a loss, even as manufacturing costs remain steady or surge.
MEMC Electronic reported that its Q1 revenue was reduced by lower volumes and lower prices. The firm called the period a turning point, saying that results appeared to be improving in the Q2.
Sector analysis, over all tech sector moved down, First Solar, Inc. (NASDAQ:FSLR) declined -4.91%, GT Advanced Technologies Inc (NASDAQ:GTAT) lost -4.92%, Suntech Power Holdings Co., Ltd. (ADR) (NYSE:STP) rose +2.81%, LDK Solar Co., Ltd (ADR) (NYSE:LDK) edged up +3.96%, Trina Solar Limited (ADR) (NYSE:TSL) which decreased -2.82% and Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE) moved up +2.37%.
MEMC Electronic Materials, Inc. (NYSE:WFR) stock’s trade at beginning with a price of $3.19 and throughout the trading session climbed at a high of $3.20 other than when day-trade ended the stock finally declined -24.62% to $2.45.
Shares price of WFR moved down from its 20 days moving average with -30.31% and remote negatively from 50 days moving average with -33.10%. WFR current year earnings per share experienced a decline with -4570.80% while its current quarter performance remained -57.61%.
WFR had a trade volume of 23.77 million shares was higher as compared to average trading capacity of 5.98 million shares.
WFR last month stock price volatility remained 6.16%. In its share capital WFR has 230.82 million outstanding shares among them 230.18 million shares have been floated in market exchange. WFR stock institutional ownership remained 79.60% while insider ownership included 0.23%.
The stock is behind its 52 week low with -23.44% and lagging behind from its 52 week high price with -78.43%. Company’s beta coefficient included 1.30. Beta factors measures the amount of market risk associated with market trade.
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