Analysts downwardly revised their ratings and price targets on Universal Display Corporation (OLED), Finish Line Inc (FINL), and Seattle Genetics, Inc. (SGEN)
Analysts are weighing in on tech stock
Universal Display Corporation (NASDAQ:OLED), shoe retailer
Finish Line Inc (NASDAQ:FINL), and biotech issue
Seattle Genetics, Inc. (NASDAQ:SGEN). Here's a quick roundup of today's bearish brokerage notes on OLED, FINL, and SGEN.
- OLED is off 0.7% at $60.49 after analysts at Needham lowered their 2017 estimates for the company. The stock has pulled back since tapping a record high north of $74 in early August, and has lately been fighting to regain a foothold at the 200-day moving average. Short sellers seem to be expecting a prolonged slump for Universal Display Corporation, in any case. These bearish bets rose by more than 16% during the two most recent reporting periods, and now account for almost 10% of OLED's total float. At the equity's typical pace of trading, it would take about nine sessions for shorts to cover their positions.
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FINL saw its price target lowered by $1 to $19 at Cowen and Company -- representing a level the shares haven’t close below since June. The stock has had a choppy year, with rallies being repeatedly rejected in the $24-$24.50 neighborhood, while recent losses have been capped in the $19-$19.50 region. Generally speaking, the brokerage bunch holds low expectations for Finish Line Inc. Of 16 analysts providing coverage, 14 maintain a tepid "hold" rating after a rash of downgrades over the past week, following the company's disappointing turn in the earnings confessional. This morning, FINL is down 1.1% at $19.45.
- After sinking 15.4% Tuesday on bad news from the Food and Drug Administration (FDA), SGEN received price-target cuts from RBC ($80), Barclays ($64), and Credit Suisse ($60), sending the shares down 0.4% to $52.15 today. The stock is still beating the broader market, with a 16.2% year-to-date lead, but Seattle Genetics has now dropped almost 31% since its November all-time high of $75.36, and short sellers are hoping the losses keep on coming. Currently, 12.1% of SGEN's available float is wrapped up in these bearish bets, accounting for nearly seven sessions' worth of buying power, based on the security's average daily volume.
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