Universal Display Corp. (NASDAQ:OLED)’s share price shot up 3.5% during trading on Thursday . The company traded as high as $61.44 and last traded at $61.44, with a volume of 371,846 shares changing hands. The stock had previously closed at $59.34.

A number of brokerages have recently commented on OLED. Needham & Company LLC cut shares of Universal Display Corp. from a “buy” rating to a “hold” rating in a report on Friday, August 5th. Zacks Investment Research lowered shares of Universal Display Corp. from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 13th. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Universal Display Corp. in a research report on Thursday, June 16th. Cowen and Company reiterated a “buy” rating on shares of Universal Display Corp. in a research report on Thursday, May 26th. Finally, Canaccord Genuity reiterated a “hold” rating on shares of Universal Display Corp. in a research report on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. Universal Display Corp. presently has an average rating of “Hold” and a consensus target price of $58.00.

The company has a market cap of $2.93 billion and a P/E ratio of 60.84. The company has a 50 day moving average of $67.04 and a 200 day moving average of $59.28.

Universal Display Corp. (NASDAQ:OLED) last released its earnings results on Thursday, August 4th. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by $0.04. During the same period in the prior year, the business posted $0.41 EPS. The firm earned $64.40 million during the quarter, compared to the consensus estimate of $68.68 million. The company’s revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that Universal Display Corp. will post $0.89 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Universal Display Corp. stock. New York State Common Retirement Fund boosted its stake in shares of Universal Display Corp. (NASDAQ:OLED) by 59.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,774 shares of the company’s stock after buying an additional 24,235 shares during the period. New York State Common Retirement Fund owned approximately 0.14% of Universal Display Corp. worth $3,526,000 at the end of the most recent quarter.

Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials for use in displays for wearables, smartphones, tablets and televisions, as well as solid-state lighting applications. The Company’s flat panel displays are used for various portable consumer electronics products, such as mobile phones, wearables, portable media devices, digital cameras, tablets and notebook computers.

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