Ericsson (ERIC) Downgraded to Hold at BidaskClub
Ericsson (NASDAQ:ERIC) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Saturday.
A number of other analysts have also recently weighed in on ERIC. Canaccord Genuity reaffirmed a “hold” rating and set a $6.00 target price on shares of Ericsson in a research note on Tuesday, July 18th. J P Morgan Chase & Co reaffirmed a “hold” rating on shares of Ericsson in a research note on Tuesday, July 18th. Zacks Investment Research raised shares of Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. Bank of America Corporation reissued a “buy” rating on shares of Ericsson in a research note on Friday, June 2nd. Finally, ValuEngine raised shares of Ericsson from a “strong sell” rating to a “sell” rating in a research note on Friday, June 2nd. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $5.95.
Ericsson (NASDAQ ERIC) traded down 0.33% on Friday, hitting $6.00. The stock had a trading volume of 2,389,439 shares. Ericsson has a 1-year low of $4.83 and a 1-year high of $7.55. The company’s 50 day moving average is $6.70 and its 200-day moving average is $6.56.
Ericsson (NASDAQ:ERIC) last posted its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by $0.03. The company had revenue of $49.90 billion for the quarter, compared to the consensus estimate of $50.66 billion. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 EPS. On average, equities research analysts forecast that Ericsson will post $0.23 EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of ERIC. OLD National Bancorp IN boosted 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 worth $105,000 after buying an additional 1,181 shares during the period. Two Sigma Securities LLC purchased a new stake in shares of Ericsson during the first quarter worth approximately $106,000. Mackenzie Financial Corp purchased a new stake in shares of Ericsson during the first quarter worth approximately $109,000. Quantum Capital Management purchased a new stake in shares of Ericsson during the first quarter worth approximately $112,000. Finally, GenTrust LLC purchased a new stake in shares of Ericsson during the second quarter worth approximately $120,000. 8.13% of the stock is currently owned by institutional investors and hedge funds.
Ericsson Company Profile
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.
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