Ericsson (NASDAQ:ERIC)‘s stock had its “hold” rating restated by equities researchers at Canaccord Genuity in a report released on Tuesday. They currently have a $6.00 price target on the communications equipment provider’s stock. Canaccord Genuity’s price objective indicates a potential downside of 17.58% from the stock’s previous close.

ERIC has been the topic of several other reports. Zacks Investment Research lowered Ericsson from a “hold” rating to a “sell” rating in a research report on Tuesday, March 28th. Citigroup Inc. assumed coverage on Ericsson in a research report on Thursday, June 8th. They set a “buy” rating on the stock. Societe Generale assumed coverage on Ericsson in a research report on Wednesday, June 14th. They set a “hold” rating on the stock. Credit Suisse Group raised Ericsson from an “underperform” rating to a “neutral” rating in a research report on Wednesday, April 12th. Finally, J P Morgan Chase & Co reissued a “hold” rating on shares of Ericsson in a research report on Tuesday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. Ericsson has a consensus rating of “Hold” and an average target price of $5.95.

Ericsson (NASDAQ:ERIC) traded down 16.690% during mid-day trading on Tuesday, reaching $6.065. 21,887,848 shares of the company’s stock were exchanged. Ericsson has a 52 week low of $4.83 and a 52 week high of $7.82.

Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The business had revenue of $49.90 billion for the quarter, compared to analysts’ expectations of $50.66 billion. Ericsson had a negative net margin of 4.93% and a negative return on equity of 1.32%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.83 earnings per share. Equities research analysts expect that Ericsson will post $0.30 EPS for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in the stock. Stephens Inc. AR bought a new position in Ericsson during the third quarter worth $104,000. OLD National Bancorp IN increased its stake in shares of Ericsson by 8.1% in the first quarter. OLD National Bancorp IN now owns 15,786 shares of the communications equipment provider’s stock valued at $105,000 after buying an additional 1,181 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Ericsson during the first quarter valued at about $106,000. Mackenzie Financial Corp acquired a new stake in shares of Ericsson during the first quarter valued at about $109,000. Finally, Sterling Capital Management LLC increased its stake in shares of Ericsson by 25.6% in the second quarter. Sterling Capital Management LLC now owns 14,382 shares of the communications equipment provider’s stock valued at $110,000 after buying an additional 2,931 shares in the last quarter. Institutional investors and hedge funds own 8.08% of the company’s stock.

About Ericsson

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.

Analyst Recommendations for Ericsson (NASDAQ:ERIC)

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