Ericsson (NASDAQ:ERIC) Receives Average Recommendation of “Reduce” from Brokerages

Ericsson (NASDAQ:ERIC) has been assigned a consensus rating of “Reduce” from the nine ratings firms that are presently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $11.00.

ERIC has been the topic of a number of research reports. Wall Street Zen downgraded Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Morgan Stanley started coverage on Ericsson in a research report on Monday, February 9th. They set an “equal weight” rating and a $11.00 price target on the stock. Finally, Citigroup reiterated a “neutral” rating on shares of Ericsson in a report on Tuesday, April 28th.

Ericsson Trading Up 2.0%

NASDAQ ERIC opened at $13.32 on Thursday. The stock’s 50-day simple moving average is $12.02 and its two-hundred day simple moving average is $10.89. Ericsson has a twelve month low of $7.16 and a twelve month high of $13.73. 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 company has a market capitalization of $44.90 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 2.10 and a beta of 0.90.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ERIC. Defiance ETFs LLC purchased a new position in shares of Ericsson in the fourth quarter worth about $13,766,000. ABC Arbitrage SA increased its holdings in shares of Ericsson by 36.7% in the fourth quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock worth $42,354,000 after buying an additional 1,179,194 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Ericsson by 42.9% in the second quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock worth $28,408,000 after buying an additional 1,005,398 shares during the period. Van ECK Associates Corp increased its holdings in shares of Ericsson by 229.3% in the fourth quarter. Van ECK Associates Corp now owns 1,252,437 shares of the communications equipment provider’s stock worth $12,086,000 after buying an additional 872,065 shares during the period. Finally, Lazard Asset Management LLC increased its holdings in shares of Ericsson by 197.2% in the second quarter. Lazard Asset Management LLC now owns 1,242,381 shares of the communications equipment provider’s stock worth $10,534,000 after buying an additional 824,287 shares during the period. Hedge funds and other 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.