Downgrade Alert for Rubicon Technology (RBCN)
Rubicon Technology (NASDAQ:RBCN) was downgraded from Overweight to Neutral at JP Morgan today. The stock closed yesterday at $7.49 on volume of 800,000 shares, above average daily volume of 490,000.
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.
There is potential upside of 46.9% for shares of Rubicon Technology based on a current price of $7.49 and an average consensus analyst price target of $11.00. The stock should run into initial resistance at its 50-day moving average (MA) of $8.33 and subsequent resistance at its 200-day MA of $9.93.
Over the past year, Rubicon Technology has traded in a range of $4.83 to $26.45 and closed yesterday at $7.49, 55% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.5%.
SmarTrend is monitoring the recent change of momentum in Rubicon Technology. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Rubicon Technology in search of a potential trend change.
Keywords: analyst upgrades/downgrades rubicon technology