2Q Results Spark OLED Stock Rally

OLED's sales blew past estimates and executive comments were bullish

Aug 10, 2018 at 9:52 AM
facebook X logo linkedin


Universal Display Corporation (NASDAQ:OLED) has been batted around on the charts this year, losing more than half its value since its all-time high of $209 from January as of last night's close at $101.15. The shares are taking back some of those losses this morning, however, adding 13.1% to trade at $114.16, thanks to the company's well-received second-quarter earnings report.

Universal Display easily topped sales estimates for the period, and upbeat comments from CFO Sidney Rosenblatt are helping as well. Specifically, Rosenblatt noted how sales improved from a perceived "bottom" in the first quarter, and added that 2019 should be a "pivotal year" for the OLED industry, calling out the introduction of the world's first foldable OLED product as a potential tailwind.

Even with the positive results and subsequent stock rally, there's been no analyst updates to hit the Street yet. That could be because most were already bullish on OLED stock, despite its volatile year on the charts. In fact, seven of the eight brokerages in coverage recommend buying the shares, and the average 12-month price target is $147.90.

Short sellers who've flocked to the stock this year may be reconsidering their stance in the meantime. Looking back at data from February, there was just over three million shares sold short, and that number has since more than doubled to 6.8 million. However, in the last two reporting periods short interest declined 15.2%, and an extended exodus of these bears could keep the wind at the security's back.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI