Ericsson (ERIC) Shares Gap Up to $7.36
Ericsson (NASDAQ:ERIC) shares gapped up before the market opened on Monday . The stock had previously closed at $7.31, but opened at $7.36. Ericsson shares last traded at $7.43, with a volume of 2,845,337 shares changing hands.
A number of brokerages have issued reports on ERIC. JPMorgan Chase & Co. reissued a “buy” rating on shares of Ericsson in a report on Wednesday, May 4th. BMO Capital Markets reissued a “hold” rating and set a $8.00 price objective on shares of Ericsson in a report on Monday, July 18th. Bank of America Corp. cut Ericsson from a “buy” rating to a “neutral” rating in a report on Thursday, April 21st. Vetr raised Ericsson from a “hold” rating to a “buy” rating and set a $8.33 price objective for the company in a report on Tuesday, May 3rd. Finally, Goldman Sachs Group Inc. reissued a “sell” rating on shares of Ericsson in a report on Thursday, May 5th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Ericsson presently has a consensus rating of “Hold” and an average target price of $8.49.
The company has a market capitalization of $24.27 billion and a P/E ratio of 15.40. The stock has a 50-day moving average of $7.58 and a 200-day moving average of $8.54.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings data on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. Equities research analysts predict that Ericsson will post $0.53 earnings per share for the current fiscal year.
Several hedge funds and institutional investors have recently modified their holdings of the stock. Russell Frank Co purchased a new position in shares of Ericsson during the fourth quarter worth $1,368,000. TD Asset Management Inc. raised 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 during the last quarter. OppenheimerFunds Inc. raised 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 during the last quarter. Freestone Capital Holdings LLC raised 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 during the last quarter. Finally, US Bancorp DE raised 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 during 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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