Downgrade Alert for Rubicon Technology (RBCN)
Rubicon Technology (NASDAQ:RBCN) was downgraded from Neutral to Sell at Goldman Sachs today. The stock closed yesterday at $7.88 on volume of 338,000 shares, below average daily volume of 492,000.
Rubicon Technology, Inc. develops, manufactures, and sells monocrystalline sapphire and other crystalline products. The Company's products are used in Light-Emitting Diodes ("LEDs"), radio frequency integrated circuits ("RFICs"), blue laser diodes, and optoelectronics and other optical applications.
In the past 52 weeks, Rubicon Technology share prices have been bracketed by a low of $4.83 and a high of $26.45 and closed yesterday at $7.88, 63% above that low price. The 200-day and 50-day moving averages have moved 0.14% lower and 2.00% higher over the past week, respectively.
Based on a current price of $7.88, Rubicon Technology is currently 4.8% above its average consensus analyst price target of $7.50. Rubicon Technology shares have support at the 50-day moving average (MA) of $7.28 and additional support at the 200-day MA of $7.20.
SmarTrend recommended that subscribers consider buying shares of Rubicon Technology on March 26th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $6.67. Since that recommendation, shares of Rubicon Technology have risen 18.2%. We continue to monitor RBCN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades rubicon technology