Ericsson (NASDAQ:ERIC) Receives $11.00 Consensus PT from Brokerages

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

A number of research analysts have recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Ericsson in a research report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Citigroup reissued a “neutral” rating on shares of Ericsson in a research report on Tuesday, April 28th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Quantitative Investment Management LLC acquired a new stake in shares of Ericsson during the 3rd quarter valued at approximately $1,349,000. ABC Arbitrage SA boosted its holdings in Ericsson by 36.7% in the fourth quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock worth $42,354,000 after purchasing an additional 1,179,194 shares during the period. Atlas Capital Advisors Inc. bought a new stake in Ericsson during the fourth quarter valued at $429,000. BNP Paribas Financial Markets lifted its position in shares of Ericsson by 60.5% in the 4th quarter. BNP Paribas Financial Markets now owns 1,645,672 shares of the communications equipment provider’s stock worth $15,881,000 after buying an additional 620,144 shares during the last quarter. Finally, LSV Asset Management lifted its position in shares of Ericsson by 14.3% in the 4th quarter. LSV Asset Management now owns 39,200 shares of the communications equipment provider’s stock worth $378,000 after buying an additional 4,900 shares during the last quarter. Institutional investors and hedge funds own 7.99% of the company’s stock.

Ericsson Trading Down 0.9%

NASDAQ ERIC opened at $10.96 on Monday. The company’s fifty day simple moving average is $12.18 and its 200-day simple moving average is $11.21. Ericsson has a 52 week low of $7.16 and a 52 week high of $13.77. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21. The stock has a market cap of $36.93 billion, a P/E ratio of 13.87, a PEG ratio of 1.89 and a beta of 0.90.

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.