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

Ericsson (NASDAQ:ERIC)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $10.97 and traded as high as $13.38. Ericsson shares last traded at $13.3550, with a volume of 7,431,529 shares traded.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ERIC. Wall Street Zen lowered Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Citigroup reiterated a “neutral” rating on shares of Ericsson in a research note on Tuesday, April 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Ericsson in a research note on Tuesday. Finally, Morgan Stanley began coverage on Ericsson in a report on Monday, February 9th. They set an “equal weight” rating and a $11.00 target price for the company. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $11.00.

Ericsson Trading Up 1.5%

The firm has a 50-day moving average of $12.15 and a two-hundred day moving average of $10.97. The firm has a market capitalization of $45.02 billion, a P/E ratio of 16.91, a P/E/G ratio of 2.12 and a beta of 0.90. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21.

Institutional Investors Weigh In On Ericsson

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio increased its position in Ericsson by 26.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 1,418,076 shares of the communications equipment provider’s stock worth $15,982,000 after purchasing an additional 295,185 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Ericsson by 8.5% in the first quarter. Bank of New York Mellon Corp now owns 160,581 shares of the communications equipment provider’s stock valued at $1,810,000 after buying an additional 12,534 shares in the last quarter. Advisors Preferred LLC bought a new stake in shares of Ericsson during the first quarter worth $493,000. Defiance ETFs LLC bought a new stake in shares of Ericsson during the fourth quarter worth $13,766,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of Ericsson by 19.1% during the fourth quarter. Russell Investments Group Ltd. now owns 1,903,298 shares of the communications equipment provider’s stock worth $18,603,000 after buying an additional 304,974 shares in the last quarter. 7.99% of the stock is owned by institutional investors.

Ericsson Company Profile

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.