Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Hits New 12-Month High at $7.24

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $7.24 and last traded at $7.24, with a volume of 8302673 shares changing hands. The stock had previously closed at $7.20.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. raised their target price on Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the company a “neutral” rating in a research note on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.90 and a current ratio of 1.14. The stock has a market capitalization of $24.66 billion, a P/E ratio of -7.47 and a beta of 0.84. The business has a 50-day moving average price of $6.55 and a 200 day moving average price of $5.86.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last issued its quarterly earnings results on Friday, July 12th. The communications equipment provider reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.29 billion. Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 14.13% and a positive return on equity of 11.39%. As a group, sell-side analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.35 EPS for the current fiscal year.

Institutional Trading of Telefonaktiebolaget LM Ericsson (publ)

Large investors have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 4.4% during the 1st quarter. Advisors Asset Management Inc. now owns 190,065 shares of the communications equipment provider’s stock valued at $1,047,000 after buying an additional 8,086 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 4,904.4% during the 4th quarter. Oppenheimer & Co. Inc. now owns 835,784 shares of the communications equipment provider’s stock valued at $5,265,000 after buying an additional 819,083 shares in the last quarter. First Affirmative Financial Network boosted its holdings in Telefonaktiebolaget LM Ericsson (publ) by 9.4% in the 1st quarter. First Affirmative Financial Network now owns 26,354 shares of the communications equipment provider’s stock worth $145,000 after buying an additional 2,268 shares during the period. QRG Capital Management Inc. increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 176.2% in the 2nd quarter. QRG Capital Management Inc. now owns 188,231 shares of the communications equipment provider’s stock worth $1,161,000 after buying an additional 120,072 shares in the last quarter. Finally, Gateway Investment Advisers LLC lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 1,260.7% in the second quarter. Gateway Investment Advisers LLC now owns 630,541 shares of the communications equipment provider’s stock valued at $3,890,000 after acquiring an additional 584,201 shares in the last quarter. 7.99% of the stock is currently owned by institutional investors.

Telefonaktiebolaget LM Ericsson (publ) Company Profile

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.