Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Shares Gap Down – Here’s Why

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) shares gapped down prior to trading on Wednesday . The stock had previously closed at $8.31, but opened at $8.05. Telefonaktiebolaget LM Ericsson (publ) shares last traded at $7.97, with a volume of 2,422,177 shares.

Wall Street Analyst Weigh In

ERIC has been the topic of several recent research reports. StockNews.com upgraded Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price target on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the company a “neutral” rating in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Trading Up 0.2 %

The stock has a fifty day moving average of $7.96 and a two-hundred day moving average of $6.97. The company has a market capitalization of $26.68 billion, a PE ratio of -266.83 and a beta of 0.81. The company has a current ratio of 1.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.39.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, October 15th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The firm had revenue of $5.93 billion for the quarter, compared to analysts’ expectations of $5.73 billion. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 13.31% and a negative net margin of 0.47%. As a group, sell-side analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Telefonaktiebolaget LM Ericsson (publ)

A number of institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can grew its holdings in Telefonaktiebolaget LM Ericsson (publ) by 50,747.2% in the 2nd quarter. Bank of Montreal Can now owns 13,557,885 shares of the communications equipment provider’s stock worth $83,788,000 after acquiring an additional 13,531,221 shares during the last quarter. DigitalBridge Group Inc. raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 18.6% during the second quarter. DigitalBridge Group Inc. now owns 5,018,017 shares of the communications equipment provider’s stock valued at $30,961,000 after acquiring an additional 785,261 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Telefonaktiebolaget LM Ericsson (publ) during the second quarter valued at approximately $17,940,000. FMR LLC boosted its holdings in Telefonaktiebolaget LM Ericsson (publ) by 23.8% in the third quarter. FMR LLC now owns 2,412,480 shares of the communications equipment provider’s stock valued at $18,287,000 after acquiring an additional 463,415 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in Telefonaktiebolaget LM Ericsson (publ) by 17,266.7% during the 3rd quarter. Two Sigma Advisers LP now owns 2,031,900 shares of the communications equipment provider’s stock valued at $15,402,000 after purchasing an additional 2,020,200 shares during the period. Hedge funds and other institutional investors own 7.99% of the company’s stock.

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.