Universal Electronics Trading Up 6.6% After Better-Than-Expected Earnings (UEIC)
Universal Electronics (NASDAQ:UEIC)’s share price was up 6.6% on Friday after the company announced better than expected quarterly earnings, AnalystRatingsNetwork.com reports. The stock traded as high as $50.69 and last traded at $50.60, with a volume of 251,685 shares changing hands. The stock had previously closed at $47.45.
The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.05. The company had revenue of $146.32 million for the quarter, compared to the consensus estimate of $145.26 million. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue for the quarter was up 7.5% on a year-over-year basis.
A number of analysts have recently weighed in on UEIC shares. Analysts at Dougherty & Co raised their price target on shares of Universal Electronics from $47.00 to $60.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Avondale Partners upgraded shares of Universal Electronics from a “market perform” rating to an “outperform” rating in a research note on Tuesday, July 15th. Finally, analysts at B. Riley downgraded shares of Universal Electronics from a “buy” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $45.75 price target on the stock, down previously from $47.00. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Universal Electronics presently has a consensus rating of “Buy” and a consensus price target of $43.69.
The stock’s 50-day moving average is $48.74 and its 200-day moving average is $41.94. The company has a market cap of $819.6 million and a P/E ratio of 30.99.
Universal Electronics Inc develops and manufactures a line of pre-programmed universal wireless remote control products, audio-video accessories, and software that are marketed for home entertainment systems.
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