Ericsson (NASDAQ:ERIC) fell 2.8% on Monday . The stock traded as low as $7.41 and last traded at $7.55, with a volume of 4,639,269 shares trading hands. The stock had previously closed at $7.77.

Several brokerages have recently weighed in on ERIC. Charter Equity cut Ericsson from a “mkt perform” rating to a “mkt underperform” rating in a research note on Wednesday. BMO Capital Markets reissued a “hold” rating and issued a $8.00 price target on shares of Ericsson in a research note on Monday. Barclays PLC raised Ericsson from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, July 6th. Vetr raised Ericsson from a “sell” rating to a “strong-buy” rating in a research note on Friday, June 24th. Finally, Goldman Sachs Group Inc. raised Ericsson from a “sell” rating to a “neutral” rating in a research note on Tuesday, June 21st. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $8.93.

The company has a market cap of $23.07 billion and a P/E ratio of 13.91. The firm’s 50-day moving average price is $7.61 and its 200-day moving average price is $8.60.

Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. Equities research analysts forecast that Ericsson will post $0.60 EPS for the current fiscal year.

A number of hedge funds and institutional investors have made changes to their positions in the stock. TD Asset Management Inc. increased its position in shares of Ericsson by 0.3% in the fourth quarter. TD Asset Management Inc. now owns 92,752 shares of the company’s stock worth $1,049,000 after buying an additional 237 shares in the last quarter. US Bancorp DE increased its position in shares of Ericsson by 15.9% in the fourth quarter. US Bancorp DE now owns 136,189 shares of the company’s stock worth $1,308,000 after buying an additional 18,723 shares in the last quarter. Russell Frank Co acquired a new position in shares of Ericsson during the fourth quarter worth about $1,368,000. Freestone Capital Holdings LLC increased its position in shares of Ericsson by 15.2% in the fourth quarter. Freestone Capital Holdings LLC now owns 261,959 shares of the company’s stock worth $2,517,000 after buying an additional 34,619 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its position in shares of Ericsson by 9.8% in the fourth quarter. OppenheimerFunds Inc. now owns 473,605 shares of the company’s stock worth $4,551,000 after buying an additional 42,294 shares in the last quarter.

Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.

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