Ericsson (NASDAQ:ERIC) Receives Consensus Rating of “Reduce” from Brokerages

Ericsson (NASDAQ:ERIC) has been assigned an average recommendation of “Reduce” from the nine research firms that are covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $11.00.

Several equities analysts have commented on ERIC shares. Argus raised shares of Ericsson to a “hold” rating in a research note on Monday, January 26th. Wall Street Zen lowered Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Morgan Stanley assumed coverage on shares of Ericsson in a research note on Monday, February 9th. They issued an “equal weight” rating and a $11.00 price objective on the stock. Finally, Citigroup reissued a “neutral” rating on shares of Ericsson in a research note on Tuesday.

Ericsson Price Performance

Shares of NASDAQ ERIC opened at $11.76 on Friday. The stock has a market cap of $39.64 billion, a P/E ratio of 14.89, a P/E/G ratio of 1.89 and a beta of 0.88. The firm’s 50-day simple moving average is $11.48 and its 200 day simple moving average is $10.47. Ericsson has a fifty-two week low of $7.16 and a fifty-two week high of $12.19. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21.

Institutional Investors Weigh In On Ericsson

A number of institutional investors and hedge funds have recently modified their holdings of the stock. ABC Arbitrage SA boosted its stake in shares of Ericsson by 36.7% during the 4th quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock worth $42,354,000 after acquiring an additional 1,179,194 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Ericsson by 42.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock worth $28,408,000 after acquiring an additional 1,005,398 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of 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 worth $18,603,000 after purchasing an additional 304,974 shares during the period. Defiance ETFs LLC purchased a new stake in shares of Ericsson during the fourth quarter valued at $13,766,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Ericsson by 229.3% during the fourth quarter. Van ECK Associates Corp now owns 1,252,437 shares of the communications equipment provider’s stock valued at $12,086,000 after purchasing an additional 872,065 shares during the last quarter. Institutional investors and hedge funds own 7.99% of the company’s stock.

About Ericsson

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.