Ericsson (NASDAQ:ERIC) Shares Gap Down – Here’s What Happened

Shares of Ericsson (NASDAQ:ERIC) gapped down before the market opened on Tuesday . The stock had previously closed at $12.52, but opened at $12.06. Ericsson shares last traded at $11.9310, with a volume of 2,768,486 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wall Street Zen downgraded Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Weiss Ratings restated a “buy (b)” rating on shares of Ericsson in a report on Tuesday, June 2nd. Morgan Stanley assumed coverage on Ericsson in a report on Monday, February 9th. They set an “equal weight” rating and a $11.00 price objective for the company. Finally, Citigroup restated a “neutral” rating on shares of Ericsson in a report on Tuesday, April 28th. One analyst has rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Ericsson currently has an average rating of “Reduce” and a consensus price target of $11.00.

Ericsson Stock Down 6.8%

The firm’s 50 day moving average price is $12.19 and its two-hundred day moving average price is $11.01. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $39.32 billion, a PE ratio of 14.69, a P/E/G ratio of 2.02 and a beta of 0.90.

Institutional Trading of Ericsson

Several large investors have recently modified their holdings of the business. Jones Financial Companies Lllp grew its stake in shares of Ericsson by 12.4% during the third quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock valued at $107,000 after acquiring an additional 1,441 shares in the last quarter. Hennessy Advisors Inc. grew its stake in shares of Ericsson by 10.3% during the fourth quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock valued at $158,000 after acquiring an additional 1,518 shares in the last quarter. RNC Capital Management LLC grew its stake in shares of Ericsson by 2.5% during the fourth quarter. RNC Capital Management LLC now owns 64,667 shares of the communications equipment provider’s stock valued at $624,000 after acquiring an additional 1,576 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Ericsson by 0.7% during the second quarter. Geode Capital Management LLC now owns 250,389 shares of the communications equipment provider’s stock valued at $2,123,000 after acquiring an additional 1,658 shares in the last quarter. Finally, Dorsey & Whitney Trust CO LLC grew its stake in shares of Ericsson by 7.2% during the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider’s stock valued at $414,000 after acquiring an additional 2,869 shares in the last quarter. 7.99% of the stock is currently owned by institutional investors and hedge funds.

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.