Universal Display Corp. (OLED) Trading 7% Higher
Shares of Universal Display Corp. (NASDAQ:OLED) traded up 7% during trading on Wednesday . The stock traded as high as $72.87 and last traded at $72.03, with a volume of 876,818 shares traded. The stock had previously closed at $67.33.
Several analysts have recently commented on the company. Needham & Company LLC raised their target price on Universal Display Corp. from $62.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, May 25th. Gabelli cut 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. Zacks Investment Research raised Universal Display Corp. from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 3rd. Canaccord Genuity reaffirmed a “hold” rating on shares of Universal Display Corp. in a research report on Tuesday, June 28th. Finally, Cowen and Company reissued a “buy” rating on shares of Universal Display Corp. in a research report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $58.50.
The firm’s 50-day moving average is $68.37 and its 200-day moving average is $57.32. The company has a market cap of $3.35 billion and a P/E ratio of 224.39.
Universal Display Corp. (NASDAQ:OLED) last issued its earnings results on Thursday, May 5th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.05. During the same quarter in the previous year, the firm posted $0.03 EPS. The business had revenue of $29.70 million for the quarter, compared to the consensus estimate of $32.05 million. The business’s revenue was down 4.8% on a year-over-year basis. Equities research analysts anticipate that Universal Display Corp. will post $1.08 EPS for the current year.
Other hedge funds have modified their holdings of the company. Systematic Financial Management LP boosted its stake in shares of Universal Display Corp. by 8.4% in the fourth quarter. Systematic Financial Management LP now owns 353,815 shares of the company’s stock valued at $19,261,000 after buying an additional 27,338 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Universal Display Corp. by 59.8% in the fourth quarter. New York State Common Retirement Fund now owns 64,774 shares of the company’s stock worth $3,526,000 after buying an additional 24,235 shares in the last quarter. California Public Employees Retirement System boosted its stake in Universal Display Corp. by 7.7% in the fourth quarter. California Public Employees Retirement System now owns 99,300 shares of the company’s stock worth $5,406,000 after buying an additional 7,100 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Universal Display Corp. by 6.0% in the fourth quarter. Rhumbline Advisers now owns 45,413 shares of the company’s stock worth $2,472,000 after buying an additional 2,570 shares in the last 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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