Ericsson (NASDAQ:ERIC) Hits New 52-Week High – Here’s What Happened

Shares of Ericsson (NASDAQ:ERIC) hit a new 52-week high on Tuesday . The stock traded as high as $11.34 and last traded at $11.31, with a volume of 5418985 shares. The stock had previously closed at $11.16.

Analyst Upgrades and Downgrades

ERIC has been the subject of several recent research reports. Cfra Research raised Ericsson to a “hold” rating in a research report on Wednesday, October 15th. Jefferies Financial Group raised shares of Ericsson to a “hold” rating in a research report on Monday, October 13th. Weiss Ratings restated a “buy (b-)” rating on shares of Ericsson in a report on Monday, December 29th. Citigroup reiterated a “neutral” rating on shares of Ericsson in a report on Friday, January 16th. Finally, Morgan Stanley started coverage on Ericsson in a research note on Monday. They issued an “equal weight” rating and a $11.00 price target on the stock. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $10.40.

Ericsson Stock Up 1.3%

The company has a market cap of $38.13 billion, a P/E ratio of 12.85, a P/E/G ratio of 2.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.29 and a quick ratio of 1.08. The company’s 50-day moving average is $9.90 and its two-hundred day moving average is $9.03.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERIC. AQR Capital Management LLC grew its position in Ericsson by 7.5% in the 1st quarter. AQR Capital Management LLC now owns 134,891 shares of the communications equipment provider’s stock worth $1,049,000 after purchasing an additional 9,362 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Ericsson in the 1st quarter worth $126,000. Yousif Capital Management LLC grew its holdings in shares of Ericsson by 17.0% in the second quarter. Yousif Capital Management LLC now owns 55,228 shares of the communications equipment provider’s stock worth $468,000 after acquiring an additional 8,010 shares during the period. FNY Investment Advisers LLC grew its holdings in shares of Ericsson by 1,050.0% in the second quarter. FNY Investment Advisers LLC now owns 575,000 shares of the communications equipment provider’s stock worth $4,876,000 after acquiring an additional 525,000 shares during the period. Finally, RNC Capital Management LLC increased its position in Ericsson by 13.7% during the second quarter. RNC Capital Management LLC now owns 58,360 shares of the communications equipment provider’s stock valued at $495,000 after acquiring an additional 7,050 shares during the last quarter. Institutional investors own 7.99% of the company’s stock.

About Ericsson

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.