Universal Display Corporation (OLED) is Downgraded by Gabelli & Co to Hold, Price Target at $51

Universal Display Corporation (OLED) was Downgraded by Gabelli & Co to ” Hold” and the brokerage firm has set the Price Target at $51. Earlier the firm had a rating of “Buy ” on the company shares. Gabelli & Co advised their investors in a research report released on May 6, 2016.

Many Wall Street Analysts have commented on Universal Display Corporation. Company shares were Reiterated by Canaccord Genuity on Apr 18, 2016 to “Hold”, Firm has raised the Price Target to $ 55 from a previous price target of $46 .Shares were Reiterated by Needham on Feb 26, 2016 to “Buy” and Lowered the Price Target to $ 57 from a previous price target of $62 .

On the company’s financial health, Universal Display Corporation reported $0.04 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on May 5, 2016. Analyst had a consensus of $-0.01. The company had revenue of $29.70 million for the quarter, compared to analysts expectations of $30.83 million. The company’s revenue was down -4.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.03 EPS.

Universal Display Corporation closed down -1.74 points or -3.00% at $56.32 with 4,84,562 shares getting traded on Wednesday. Post opening the session at $57.94, the shares hit an intraday low of $56.04 and an intraday high of $58 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

In a different news, on Apr 21, 2016, Sidney D Rosenblatt (EVP and CFO) sold 25,000 shares at $61.56 per share price. According to the SEC, on Apr 12, 2016, Julia J Brown (Chief Technical Officer) sold 25,000 shares at $55.00 per share price. On Mar 21, 2016, Leonard Becker (director) sold 5,000 shares at $53.15 per share price, according to the Form-4 filing with the securities and exchange commission.

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 a variety of portable consumer electronics products such as cell phones portable media devices digital cameras tablets and laptop computers. The Company also supplies its OLED materials to manufacturers of OLED displays and lighting products for evaluation and for use in product development and for pre-commercial activities and it provides technical assistance and support to these manufacturers. Its customers include LG Display Tohoku Pioneer and Konica Minolta among others.

Universal Display Corporation

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