NEW YORK ( TheStreet) -- Shares of Universal Display Corporation (Nasdaq: PANL) were gapping down Thursday morning with an open price 12.5% lower than Wednesday's closing price. The stock closed at $39.16 Wednesday and opened today's trading at $34.26. The average volume for Universal Display has been one million shares per day over the past 30 days. Universal Display has a market cap of $1.8 billion and is part of the technology sector and computer hardware industry. Shares are up 5.8% year to date as of the close of trading on Wednesday. Universal Display Corporation engages in the research, development, and commercialization of organic light emitting diode (OLED) technologies and materials for use in flat panel display, solid-state lighting, and other product applications. The company has a P/E ratio of 554.7, equal to the average computer hardware industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Universal Display as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year. You can view the full Universal Display Ratings Report. Get more investment ideas from our investment research center.