Universal Electronics (NASDAQ:UEIC) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Universal Electronics Inc. (NASDAQ:UEIC) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.85 and traded as high as $4.29. Universal Electronics shares last traded at $4.20, with a volume of 48,872 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on UEIC. Wall Street Zen raised Universal Electronics from a “hold” rating to a “buy” rating in a report on Saturday, March 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Universal Electronics in a research note on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.75.

Universal Electronics Stock Performance

The company has a 50-day simple moving average of $4.07 and a 200-day simple moving average of $3.86. The stock has a market cap of $56.20 million, a P/E ratio of -3.12 and a beta of 1.29.

Hedge Funds Weigh In On Universal Electronics

Several institutional investors have recently bought and sold shares of UEIC. Kent Lake PR LLC raised its position in Universal Electronics by 17.2% in the 2nd quarter. Kent Lake PR LLC now owns 1,260,642 shares of the technology company’s stock valued at $8,345,000 after purchasing an additional 185,014 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Universal Electronics by 377.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 232,589 shares of the technology company’s stock valued at $1,084,000 after acquiring an additional 183,836 shares during the last quarter. Peapod Lane Capital LLC raised its position in shares of Universal Electronics by 130.9% during the 3rd quarter. Peapod Lane Capital LLC now owns 291,164 shares of the technology company’s stock valued at $1,357,000 after acquiring an additional 165,079 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Universal Electronics by 23.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 875,458 shares of the technology company’s stock valued at $5,796,000 after acquiring an additional 164,617 shares during the last quarter. Finally, AMH Equity Ltd raised its position in shares of Universal Electronics by 10.9% during the 3rd quarter. AMH Equity Ltd now owns 800,000 shares of the technology company’s stock valued at $3,728,000 after acquiring an additional 78,727 shares during the last quarter. Institutional investors own 79.35% of the company’s stock.

About Universal Electronics

Universal Electronics Inc (NASDAQ:UEIC) is a leading provider of sensing and control technologies for the smart home and consumer electronics markets. The company specializes in design, development and manufacturing of remote control devices, wireless connectivity modules and integrated sensing solutions. Its core expertise lies in infrared (IR) and radio frequency (RF) remote controls, voice-enabled control devices and universal remotes that allow consumers to manage multiple home entertainment and automation systems through a single interface.

In addition to traditional remote control products, Universal Electronics has expanded its portfolio to include Internet of Things (IoT) gateways, home-automation hubs and cloud-based management platforms.