BidaskClub Downgrades Telefonaktiebolaget LM Ericsson (ERIC) to Sell

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Wednesday, BidAskClub reports.

Other research analysts have also recently issued reports about the stock. ValuEngine cut shares of Telefonaktiebolaget LM Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 4th. Cowen reissued a “hold” rating and set a $10.00 price target on shares of Telefonaktiebolaget LM Ericsson in a research report on Sunday, April 21st. Finally, Zacks Investment Research cut shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “strong sell” rating in a research report on Thursday, February 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $9.14.

Shares of NASDAQ:ERIC traded up $0.08 on Wednesday, hitting $9.20. The company had a trading volume of 3,338,653 shares, compared to its average volume of 5,860,107. Telefonaktiebolaget LM Ericsson has a 1 year low of $7.16 and a 1 year high of $10.46. The company has a current ratio of 1.32, a quick ratio of 1.05 and a debt-to-equity ratio of 0.49. The stock has a market cap of $30.44 billion, a price-to-earnings ratio of 306.67 and a beta of 0.55.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its earnings results on Wednesday, April 17th. The communications equipment provider reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.05. Telefonaktiebolaget LM Ericsson had a negative net margin of 1.46% and a positive return on equity of 3.79%. The firm had revenue of $48.90 billion during the quarter, compared to analysts’ expectations of $48.35 billion. During the same period last year, the company posted $0.11 EPS. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. Equities analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.39 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC lifted its position in Telefonaktiebolaget LM Ericsson by 36.3% during the 1st quarter. Renaissance Technologies LLC now owns 21,103,800 shares of the communications equipment provider’s stock valued at $193,733,000 after acquiring an additional 5,617,800 shares during the period. Millennium Management LLC lifted its position in Telefonaktiebolaget LM Ericsson by 1,367.0% during the 4th quarter. Millennium Management LLC now owns 5,566,488 shares of the communications equipment provider’s stock valued at $49,375,000 after acquiring an additional 5,187,045 shares during the period. FMR LLC lifted its position in Telefonaktiebolaget LM Ericsson by 34.8% during the 4th quarter. FMR LLC now owns 5,026,883 shares of the communications equipment provider’s stock valued at $44,588,000 after acquiring an additional 1,297,237 shares during the period. Cavalry Management Group LLC purchased a new position in Telefonaktiebolaget LM Ericsson during the 4th quarter valued at about $39,935,000. Finally, JPMorgan Chase & Co. lifted its position in Telefonaktiebolaget LM Ericsson by 324.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,024,590 shares of the communications equipment provider’s stock valued at $26,617,000 after acquiring an additional 2,312,625 shares during the period. 7.77% of the stock is owned by institutional investors.

About Telefonaktiebolaget LM Ericsson

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business 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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