Universal Electronics (NASDAQ:UEIC) Updates Q2 2024 Earnings Guidance

Universal Electronics (NASDAQ:UEIC) updated its second quarter 2024 earnings guidance on Friday. The company provided EPS guidance of -0.100–0.060 for the period, compared to the consensus EPS estimate of -0.030. The company issued revenue guidance of $90.0 million-$100.0 million, compared to the consensus revenue estimate of $96.4 million.

Analysts Set New Price Targets

UEIC has been the subject of a number of analyst reports. B. Riley upped their price target on Universal Electronics from $10.50 to $11.00 and gave the stock a neutral rating in a research report on Monday. StockNews.com upgraded Universal Electronics from a hold rating to a buy rating in a research note on Friday, March 15th. Finally, Rosenblatt Securities reiterated a neutral rating and set a $15.00 target price on shares of Universal Electronics in a research report on Friday.

Universal Electronics Stock Performance

Shares of UEIC traded up $1.34 during midday trading on Monday, hitting $12.56. 126,454 shares of the company traded hands, compared to its average volume of 43,393. Universal Electronics has a 52 week low of $7.02 and a 52 week high of $12.94. The firm has a 50 day moving average of $9.75 and a 200-day moving average of $8.89. The stock has a market cap of $162.90 million, a price-to-earnings ratio of -3.56 and a beta of 1.07.

Universal Electronics (NASDAQ:UEIC) last released its quarterly earnings results on Thursday, February 15th. The technology company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.28). The firm had revenue of $97.59 million for the quarter, compared to analysts’ expectations of $97.52 million. Universal Electronics had a negative net margin of 11.27% and a negative return on equity of 22.59%. Sell-side analysts predict that Universal Electronics will post -0.31 earnings per share for the current fiscal year.

About Universal Electronics

Universal Electronics Inc designs, develops, manufactures, ships, and supports control and sensor technology solutions in the United States, the People's Republic of China, rest of Asia, Europe, Latin America, and internationally. The company offers voice-enabled automatically-programmed universal two-way radio frequency, as well as infrared remote controls to video service providers, original equipment manufacturers (OEMs), retailers, and private label customers; wall-mount and handheld thermostat controllers and connected accessories for smart energy management systems to OEM customers, hotels, hospitality, and system integrators; proprietary and standards-based RF sensors for residential security, safety, and home automation applications; and integrated circuits on which its software and universal device control database is embedded to OEMs, video service providers, and private label customers.