Telefonaktiebolaget LM Ericsson (ERIC) Shares Up 2%

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)’s share price shot up 2% during mid-day trading on Friday . The company traded as high as $9.35 and last traded at $9.38. 1,047,880 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 4,677,617 shares. The stock had previously closed at $9.20.

A number of brokerages have issued reports on ERIC. Zacks Investment Research cut shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “sell” rating in a research note on Monday, July 23rd. Credit Suisse Group raised shares of Telefonaktiebolaget LM Ericsson from an “underperform” rating to a “hold” rating and raised their price objective for the company from $7.19 to $8.00 in a research note on Wednesday, September 19th. BidaskClub cut shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. ValuEngine raised shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Finally, DZ Bank reaffirmed a “$8.27” rating on shares of Telefonaktiebolaget LM Ericsson in a research note on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $8.08.

The company has a market cap of $29.14 billion, a PE ratio of -19.98 and a beta of 0.77. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.22 and a current ratio of 1.50.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Wednesday, July 18th. The communications equipment provider reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). The firm had revenue of $49.80 billion for the quarter, compared to the consensus estimate of $48.09 billion. Telefonaktiebolaget LM Ericsson had a negative return on equity of 5.62% and a negative net margin of 13.14%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. As a group, equities analysts predict that Telefonaktiebolaget LM Ericsson will post 0.19 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of Montreal Can boosted its position in shares of Telefonaktiebolaget LM Ericsson by 26.0% during the third quarter. Bank of Montreal Can now owns 73,782 shares of the communications equipment provider’s stock worth $650,000 after purchasing an additional 15,243 shares in the last quarter. Northern Trust Corp boosted its position in shares of Telefonaktiebolaget LM Ericsson by 2.3% during the second quarter. Northern Trust Corp now owns 2,807,265 shares of the communications equipment provider’s stock worth $21,531,000 after purchasing an additional 62,247 shares in the last quarter. Verition Fund Management LLC bought a new position in shares of Telefonaktiebolaget LM Ericsson during the second quarter worth $515,000. Millennium Management LLC bought a new position in shares of Telefonaktiebolaget LM Ericsson during the second quarter worth $8,245,000. Finally, Tower Research Capital LLC TRC bought a new position in shares of Telefonaktiebolaget LM Ericsson during the second quarter worth $206,000. 8.18% of the stock is currently owned by institutional investors.

About Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for networks, IT and cloud, and media markets worldwide. It operates through four segments: Networks, Digital Services, Managed Services, and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.

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