Ericsson (NASDAQ:ERIC) Receives $11.00 Average PT from Brokerages

Ericsson (NASDAQ:ERIC) has earned a consensus recommendation of “Reduce” from the nine analysts that are currently covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $11.00.

Several brokerages have recently commented on ERIC. Wall Street Zen downgraded Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Citigroup reaffirmed a “neutral” rating on shares of Ericsson in a report on Tuesday, April 28th. Argus raised Ericsson to a “hold” rating in a report on Monday, January 26th. Finally, Morgan Stanley began coverage on Ericsson in a report on Monday, February 9th. They set an “equal weight” rating and a $11.00 target price for the company.

Ericsson Trading Up 1.0%

Shares of NASDAQ ERIC opened at $11.88 on Friday. Ericsson has a 12 month low of $7.16 and a 12 month high of $12.19. The company has a market cap of $40.05 billion, a price-to-earnings ratio of 15.04, a P/E/G ratio of 1.91 and a beta of 0.88. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21. The business has a fifty day simple moving average of $11.53 and a 200-day simple moving average of $10.52.

Institutional Investors Weigh In On Ericsson

Several hedge funds have recently modified their holdings of the stock. ABC Arbitrage SA lifted its holdings in shares of Ericsson by 36.7% during the fourth quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock valued at $42,354,000 after purchasing an additional 1,179,194 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Ericsson by 42.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock worth $28,408,000 after acquiring an additional 1,005,398 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Ericsson by 19.1% in the 4th quarter. Russell Investments Group Ltd. now owns 1,903,298 shares of the communications equipment provider’s stock worth $18,603,000 after acquiring an additional 304,974 shares in the last quarter. Defiance ETFs LLC purchased a new stake in Ericsson in the 4th quarter worth about $13,766,000. Finally, Van ECK Associates Corp lifted its stake in Ericsson by 229.3% in the 4th quarter. Van ECK Associates Corp now owns 1,252,437 shares of the communications equipment provider’s stock worth $12,086,000 after acquiring an additional 872,065 shares in the last quarter. 7.99% of the stock is owned by hedge funds and other institutional investors.

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.