Ericsson (ERIC) Sees Unusually-High Trading Volume
Shares of Ericsson (NASDAQ:ERIC) saw unusually-strong trading volume on Friday . Approximately 8,447,222 shares changed hands during trading, an increase of 112% from the previous session’s volume of 3,987,359 shares.The stock last traded at $7.27 and had previously closed at $7.22.
Several research analysts have recently commented on ERIC shares. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Ericsson in a research note on Wednesday, May 4th. Vetr upgraded Ericsson from a “hold” rating to a “buy” rating and set a $8.33 target price for the company in a research note on Tuesday, May 3rd. Barclays PLC upgraded Ericsson from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, July 6th. TheStreet downgraded Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, April 21st. Finally, BMO Capital Markets reiterated a “hold” rating on shares of Ericsson in a research note on Wednesday, April 20th. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Ericsson has an average rating of “Hold” and an average target price of $8.49.
The firm has a 50 day moving average price of $7.52 and a 200 day moving average price of $8.44. The stock has a market cap of $23.84 billion and a price-to-earnings ratio of 15.17.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings results 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 forecast that Ericsson will post $0.52 earnings per share for the current fiscal year.
Other hedge funds and institutional investors recently made changes to their positions in the company. US Bancorp DE boosted 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 period. OppenheimerFunds Inc. boosted 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 period. Finally, Russell Frank Co bought a new position in shares of Ericsson during the fourth quarter worth about $1,368,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.