Ericsson (NASDAQ:ERIC) Shares Gap Down – What’s Next?

Shares of Ericsson (NASDAQ:ERIC) gapped down before the market opened on Tuesday . The stock had previously closed at $12.52, but opened at $12.06. Ericsson shares last traded at $11.9310, with a volume of 2,768,486 shares changing hands.

Analyst Upgrades and Downgrades

ERIC has been the subject of several analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Ericsson in a research report on Tuesday, June 2nd. Citigroup reissued a “neutral” rating on shares of Ericsson in a research report on Tuesday, April 28th. Finally, Wall Street Zen lowered shares of Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $11.00.

Ericsson Trading Down 2.2%

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.12 and a quick ratio of 0.93. The stock has a market cap of $39.10 billion, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.91 and a beta of 0.90. The company’s fifty day moving average price is $12.21 and its 200-day moving average price is $11.05.

Hedge Funds Weigh In On Ericsson

Hedge funds have recently modified their holdings of the stock. Brown Brothers Harriman & Co. acquired a new position in shares of Ericsson during the third quarter valued at about $28,000. Jones Financial Companies Lllp increased its holdings in shares of Ericsson by 12.4% during the third quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock valued at $107,000 after acquiring an additional 1,441 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ericsson during the first quarter valued at about $126,000. Hennessy Advisors Inc. increased its holdings in shares of Ericsson by 10.3% during the fourth quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock valued at $158,000 after acquiring an additional 1,518 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in shares of Ericsson by 57.6% during the third quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider’s stock valued at $267,000 after acquiring an additional 11,792 shares in the last quarter. Institutional investors and hedge funds 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.