Ericsson (ERIC) Shares Gap Up to $5.87
Ericsson (NASDAQ:ERIC) shares gapped up prior to trading on Thursday . The stock had previously closed at $5.69, but opened at $5.87. Ericsson shares last traded at $6.09, with a volume of 2622357 shares trading hands.
Several research analysts have recently issued reports on ERIC shares. BidaskClub lowered shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Canaccord Genuity reduced their target price on shares of Ericsson from $5.75 to $5.25 and set a “hold” rating on the stock in a research note on Monday, October 23rd. ValuEngine raised shares of Ericsson from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. BMO Capital Markets reaffirmed a “hold” rating and issued a $6.00 target price on shares of Ericsson in a research note on Friday, October 20th. Finally, Danske lowered shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Ericsson presently has a consensus rating of “Hold” and an average price target of $5.34.
The company has a debt-to-equity ratio of 0.24, a current ratio of 1.72 and a quick ratio of 1.35.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Friday, October 20th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.07). Ericsson had a negative return on equity of 5.67% and a negative net margin of 8.60%. The firm had revenue of $47.80 billion for the quarter, compared to the consensus estimate of $47.21 billion. During the same period in the previous year, the business earned $0.34 EPS. The firm’s revenue was down 6.5% compared to the same quarter last year. research analysts forecast that Ericsson will post -0.13 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. GenTrust LLC bought a new position in Ericsson during the 2nd quarter worth approximately $120,000. Ronald Blue & Co. LLC lifted its stake in Ericsson by 7.0% in the second quarter. Ronald Blue & Co. LLC now owns 19,716 shares of the communications equipment provider’s stock valued at $141,000 after buying an additional 1,283 shares in the last quarter. Advisor Group Inc. lifted its stake in Ericsson by 14.4% in the second quarter. Advisor Group Inc. now owns 19,964 shares of the communications equipment provider’s stock valued at $143,000 after buying an additional 2,520 shares in the last quarter. Regal Investment Advisors LLC lifted its stake in Ericsson by 121.2% in the third quarter. Regal Investment Advisors LLC now owns 26,271 shares of the communications equipment provider’s stock valued at $151,000 after buying an additional 14,397 shares in the last quarter. Finally, Well Done LLC bought a new position in Ericsson in the third quarter valued at approximately $173,000. 7.94% of the stock is currently owned by institutional investors and hedge funds.
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Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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