Ericsson (NASDAQ:ERIC) Stock Crosses Above 200 Day Moving Average – Here’s Why

Ericsson (NASDAQ:ERIC)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.53 and traded as high as $9.62. Ericsson shares last traded at $9.56, with a volume of 5,364,307 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Citigroup restated a “neutral” rating on shares of Ericsson in a research note on Wednesday, October 22nd. BNP Paribas reissued an “underperform” rating on shares of Ericsson in a report on Wednesday, September 3rd. Cfra Research raised shares of Ericsson to a “hold” rating in a report on Wednesday, October 15th. Danske lowered shares of Ericsson to a “hold” rating in a research report on Wednesday, October 15th. Finally, Wall Street Zen downgraded shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Seven equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Ericsson presently has an average rating of “Reduce” and a consensus price target of $9.80.

Ericsson Price Performance

The stock’s fifty day moving average price is $9.52 and its 200-day moving average price is $8.53. The firm has a market cap of $32.01 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.57 and a beta of 0.91. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.17 and a quick ratio of 0.94.

Ericsson (NASDAQ:ERIC) last posted its quarterly earnings results on Tuesday, October 14th. The communications equipment provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $57.16 billion. Ericsson had a net margin of 10.44% and a return on equity of 21.50%. Ericsson’s quarterly revenue was down 9.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.14 earnings per share. As a group, equities analysts expect that Ericsson will post 0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Ericsson

A number of institutional investors have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. acquired a new stake in shares of Ericsson in the 3rd quarter worth $28,000. Cromwell Holdings LLC increased its position in Ericsson by 72.8% during the second quarter. Cromwell Holdings LLC now owns 10,276 shares of the communications equipment provider’s stock worth $87,000 after purchasing an additional 4,330 shares during the last quarter. Jones Financial Companies Lllp increased its position in Ericsson by 12.4% during the third quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock worth $107,000 after purchasing an additional 1,441 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Ericsson during the 1st quarter valued at approximately $126,000. Finally, Ascent Group LLC purchased a new stake in Ericsson in the first quarter valued at $138,000. Hedge funds and other institutional investors own 7.99% of the company’s stock.

About Ericsson

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.