2023-04-05 11:39:34 ET
Shares of Universal Display (NASDAQ: OLED) rose 14.2% in March, according to data from S&P Global Market Intelligence . The technology developer behind the organic light-emitting diode (OLED) screen you probably have on your phone nowadays didn't have much news of its own to report last month, but the stock was ready to rise on the slightest hint of good news from the mass-market smartphone and high-end TV-set markets.
Entering March, the stock price had drifted 12.3% lower in 52 weeks. The shares weren't exactly bargain priced, trading at 10 times sales and 31 times adjusted earnings.
However, every valuation ratio was dipping deeper than the stock price since Universal Display's sales and profits have been trending up over the last year. The company's financial performance has been stellar in recent years, despite last year's downturn in the all-important target markets of smartphones and OLED-based TV sets.
For further details see:
Why Universal Display Stock Gained 14% Last Month