Ericsson (ERIC) Sees Large Volume Increase
Shares of Ericsson (NASDAQ:ERIC) saw unusually-high trading volume on Friday . Approximately 8,447,222 shares traded 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.
ERIC has been the topic of several research reports. Sanford C. Bernstein lowered shares of Ericsson from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $8.23 to $8.27 in a report on Friday, April 22nd. Credit Agricole SA initiated coverage on shares of Ericsson in a report on Tuesday, April 12th. They set a “sell” rating on the stock. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Ericsson in a report on Friday, April 22nd. Bank of America Corp. reaffirmed a “hold” rating on shares of Ericsson in a report on Tuesday, July 26th. Finally, TheStreet downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research report on Thursday, April 21st. 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 assigned a strong buy rating to the company’s stock. Ericsson has a consensus rating of “Hold” and an average price target of $8.49.
The stock’s 50-day moving average price is $7.52 and its 200-day moving average price is $8.44. The company has a market cap of $23.84 billion and a P/E ratio of 15.07.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. Analysts expect that Ericsson will post $0.52 earnings per share for the current fiscal year.
A number of hedge funds and institutional investors have modified their holdings of the stock. Russell Frank Co acquired a new position in shares of Ericsson during the fourth quarter worth approximately $1,368,000. 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 last quarter. Finally, 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 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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