Ericsson (ERIC) Lifted to “Hold” at ValuEngine
Ericsson (NASDAQ:ERIC) was upgraded by analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.
Other equities analysts also recently issued research reports about the company. BidaskClub downgraded Ericsson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Canaccord Genuity reiterated a “hold” rating and issued a $6.00 price objective on shares of Ericsson in a research note on Tuesday, July 18th. J P Morgan Chase & Co reiterated a “hold” rating on shares of Ericsson in a research note on Tuesday, July 18th. Zacks Investment Research upgraded Ericsson from a “strong sell” rating to a “hold” rating in a research note on Monday, July 17th. Finally, Danske downgraded Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $5.34.
Ericsson (NASDAQ:ERIC) traded up 9.32% during mid-day trading on Friday, reaching $6.45. The company had a trading volume of 14,032,735 shares. Ericsson has a one year low of $4.83 and a one year high of $7.47. The company’s 50-day moving average is $5.78 and its 200-day moving average is $6.41. The stock’s market capitalization is $21.13 billion.
Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.03). Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. The firm had revenue of $49.90 billion during the quarter, compared to analysts’ expectations of $50.66 billion. During the same quarter in the previous year, the company posted $0.83 EPS. Ericsson’s revenue for the quarter was down 7.8% on a year-over-year basis. Equities research analysts anticipate that Ericsson will post $0.04 earnings per share for the current year.
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Institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley increased its holdings in shares of Ericsson by 113.3% in the first quarter. Morgan Stanley now owns 210,410 shares of the communications equipment provider’s stock worth $1,397,000 after purchasing an additional 111,753 shares during the period. Folketrygdfondet increased its holdings in shares of Ericsson by 26.8% in the second quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock worth $60,461,000 after purchasing an additional 1,780,000 shares during the period. Credit Suisse AG increased its holdings in shares of Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock worth $30,161,000 after purchasing an additional 4,093,879 shares during the period. Aperio Group LLC increased its holdings in shares of Ericsson by 5.9% in the second quarter. Aperio Group LLC now owns 1,142,005 shares of the communications equipment provider’s stock worth $8,188,000 after purchasing an additional 63,960 shares during the period. Finally, Mackenzie Financial Corp bought a new position in shares of Ericsson in the first quarter worth $109,000. 7.95% of the stock is currently owned by hedge funds and other institutional investors.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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