Universal Display (NASDAQ:OLED) Issues Quarterly Earnings Results, Misses Expectations By $0.13 EPS

Universal Display (NASDAQ:OLED – Get Rating) issued its earnings results on Thursday. The semiconductor company reported $0.87 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.13), Briefing.com reports. The firm had revenue of $136.60 million during the quarter, compared to analyst estimates of $151.21 million. Universal Display had a net margin of 32.02% and a return on equity of 17.14%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the business earned $0.85 EPS. Universal Display updated its FY 2022 guidance to EPS.

Universal Display Price Performance

Shares of OLED traded up $6.36 during mid-day trading on Friday, reaching $125.41. 884,460 shares of the company’s stock were exchanged, compared to its average volume of 436,320. The stock has a market capitalization of $5.92 billion, a PE ratio of 32.74, a price-to-earnings-growth ratio of 1.33 and a beta of 1.46. The business’s fifty day simple moving average is $113.46 and its 200-day simple moving average is $134.65. Universal Display has a 52-week low of $98.71 and a 52-week high of $220.23.

Analysts Set New Price Targets

OLED has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Universal Display from $180.00 to $150.00 and set a “buy” rating on the stock in a report on Monday. Cowen reduced their target price on shares of Universal Display from $175.00 to $145.00 in a report on Friday. Bank of America cut shares of Universal Display from a “buy” rating to a “neutral” rating and reduced their target price for the company from $190.00 to $135.00 in a report on Wednesday, June 29th. Cowen dropped their price target on shares of Universal Display from $175.00 to $145.00 in a research note on Friday. Finally, Needham & Company LLC dropped their price target on shares of Universal Display from $165.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday, July 26th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Universal Display currently has a consensus rating of “Moderate Buy” and an average target price of $168.30.

Hedge Funds Weigh In On Universal Display

A number of hedge funds have recently modified their holdings of the business. Brown Brothers Harriman & Co. purchased a new position in Universal Display in the 1st quarter valued at $93,000. Canada Pension Plan Investment Board grew its position in Universal Display by 604.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,000 shares of the semiconductor company’s stock valued at $167,000 after buying an additional 858 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in Universal Display in the 1st quarter valued at $259,000. Virtu Financial LLC purchased a new position in Universal Display in the 1st quarter valued at $491,000. Finally, US Bancorp DE grew its position in Universal Display by 44.7% in the 1st quarter. US Bancorp DE now owns 2,947 shares of the semiconductor company’s stock valued at $492,000 after buying an additional 911 shares during the last quarter. 71.15% of the stock is currently owned by hedge funds and other institutional investors.

Universal Display Company Profile

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Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. It owns, exclusively licenses, or has sole rights to sublicense approximately 5,500 issued and pending patents worldwide.