After markets sold off sharply in the last month, the selling momentum took Universal Display (OLED) shares down with it. The stock peaked at $220 in 2020 but fell to as low as $110. At a recent valuation of nearly 50 times earnings, is the stock still too relatively expensive? Investors may examine Universal Display's most recent fourth-quarter report. Understandably, the past strong results do not suggest that the upside will continue in the near-term. The disturbing spread of COVID-19 and the lockdown in over a quarter of the globe is disrupting nearly every sector.