Ericsson (NASDAQ:ERIC) Reaches New 1-Year High – What’s Next?

Ericsson (NASDAQ:ERICGet Free Report) reached a new 52-week high during trading on Friday . The stock traded as high as $11.38 and last traded at $11.2550, with a volume of 2899755 shares. The stock had previously closed at $11.25.

Ericsson News Roundup

Here are the key news stories impacting Ericsson this week:

Analyst Ratings Changes

A number of brokerages recently commented on ERIC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Ericsson in a research report on Monday, December 29th. Morgan Stanley assumed coverage on shares of Ericsson in a report on Monday, February 9th. They set an “equal weight” rating and a $11.00 price objective on the stock. Argus upgraded shares of Ericsson to a “hold” rating in a report on Monday, January 26th. Finally, Citigroup restated a “neutral” rating on shares of Ericsson in a report on Friday, January 16th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $10.40.

View Our Latest Analysis on Ericsson

Ericsson Trading Up 0.5%

The firm has a fifty day moving average of $10.15 and a two-hundred day moving average of $9.22. The company has a current ratio of 1.29, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26. The company has a market cap of $38.11 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 1.95 and a beta of 0.94.

Hedge Funds Weigh In On Ericsson

Several hedge funds and other institutional investors have recently modified their holdings of the company. ABC Arbitrage SA raised its position in Ericsson by 64.6% during the second quarter. ABC Arbitrage SA now owns 5,121,349 shares of the communications equipment provider’s stock valued at $43,429,000 after purchasing an additional 2,009,723 shares during the period. BNP Paribas Financial Markets lifted its position in Ericsson by 42.9% in the second quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock worth $28,408,000 after buying an additional 1,005,398 shares during the last quarter. Jump Financial LLC purchased a new position in Ericsson during the second quarter worth $17,461,000. Russell Investments Group Ltd. increased its position in Ericsson by 19.1% during the fourth quarter. Russell Investments Group Ltd. now owns 1,903,298 shares of the communications equipment provider’s stock valued at $18,603,000 after acquiring an additional 304,974 shares during the last quarter. Finally, Defiance ETFs LLC purchased a new stake in shares of Ericsson in the fourth quarter valued at $13,766,000. 7.99% of the stock is owned by institutional investors.

About Ericsson

(Get Free Report)

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.

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