Ericsson (NASDAQ:ERIC) Given Average Rating of “Reduce” by Brokerages

Shares of Ericsson (NASDAQ:ERIC) have been given a consensus rating of “Reduce” by the nine research firms that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $11.00.

ERIC has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Ericsson in a report on Tuesday, June 2nd. Citigroup reissued a “neutral” rating on shares of Ericsson in a report on Tuesday, April 28th. Finally, Wall Street Zen lowered Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, April 25th.

Institutional Investors Weigh In On Ericsson

Several large investors have recently added to or reduced their stakes in ERIC. Defiance ETFs LLC purchased a new position in Ericsson during the 4th quarter valued at about $13,766,000. ABC Arbitrage SA grew its holdings in Ericsson by 36.7% during the 4th quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock valued at $42,354,000 after buying an additional 1,179,194 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Ericsson by 42.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock valued at $28,408,000 after buying an additional 1,005,398 shares in the last quarter. Van ECK Associates Corp grew its holdings in Ericsson by 229.3% during the 4th quarter. Van ECK Associates Corp now owns 1,252,437 shares of the communications equipment provider’s stock valued at $12,086,000 after buying an additional 872,065 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in Ericsson by 197.2% during the 2nd quarter. Lazard Asset Management LLC now owns 1,242,381 shares of the communications equipment provider’s stock valued at $10,534,000 after buying an additional 824,287 shares in the last quarter. Hedge funds and other institutional investors own 7.99% of the company’s stock.

Ericsson Stock Performance

Shares of ERIC opened at $11.38 on Monday. The business has a 50-day moving average of $12.25 and a 200 day moving average of $11.16. Ericsson has a fifty-two week low of $7.16 and a fifty-two week high of $13.77. The firm has a market cap of $38.36 billion, a P/E ratio of 14.41, a price-to-earnings-growth ratio of 1.95 and a beta of 0.90. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12.

About Ericsson

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.