Universal Display Corp. (NASDAQ:OLED) traded down 3.9% on Wednesday . The stock traded as low as $56.95 and last traded at $57.17, with a volume of 398,434 shares changing hands. The stock had previously closed at $59.47.

Several equities research analysts recently weighed in on the stock. Needham & Company LLC downgraded shares of Universal Display Corp. to a “buy” rating and raised their price target for the company from $57.00 to $62.00 in a research report on Sunday, May 8th. Zacks Investment Research raised shares of Universal Display Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Gabelli downgraded shares of Universal Display Corp. from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research report on Friday, May 6th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Universal Display Corp. in a research report on Monday, August 8th. Finally, Cowen and Company reaffirmed a “buy” rating on shares of Universal Display Corp. in a research report on Thursday, May 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $58.00.

The firm has a market cap of $2.70 billion and a price-to-earnings ratio of 56.24. The firm has a 50-day moving average of $65.43 and a 200 day moving average of $60.23.

Universal Display Corp. (NASDAQ:OLED) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by $0.04. During the same period in the previous year, the firm earned $0.41 earnings per share. The firm had revenue of $64.40 million for the quarter, compared to analysts’ expectations of $68.68 million. The business’s revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts forecast that Universal Display Corp. will post $0.89 earnings per share for the current fiscal year.

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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