Ericsson (ERIC) Sees Strong Trading Volume
Shares of Ericsson (NASDAQ:ERIC) saw strong trading volume on Tuesday . 3,653,538 shares were traded during mid-day trading, an increase of 3% from the previous session’s volume of 3,563,731 shares.The stock last traded at $7.40 and had previously closed at $7.37.
A number of equities research analysts have issued reports on the company. Bank of America Corp. cut Ericsson from a “buy” rating to a “neutral” rating in a research note on Thursday, April 21st. TheStreet lowered Ericsson from a “buy” rating to a “hold” rating in a report on Thursday, April 21st. Vetr lowered Ericsson from a “buy” rating to a “hold” rating and set a $8.33 price target on the stock. in a report on Monday, April 25th. Cowen and Company lowered Ericsson from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $11.00 to $7.00 in a report on Friday, April 22nd. Finally, Zacks Investment Research lowered Ericsson from a “hold” rating to a “sell” rating in a report on Friday, April 22nd. Three investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $8.49.
The firm’s 50-day moving average price is $7.44 and its 200-day moving average price is $8.35. The company has a market capitalization of $24.10 billion and a price-to-earnings ratio of 15.02.
Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.02. Equities research analysts expect that Ericsson will post $0.52 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Ericsson stock. US Bancorp DE raised its position in Ericsson (NASDAQ:ERIC) by 15.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,189 shares of the company’s stock after buying an additional 18,723 shares during the period. US Bancorp DE’s holdings in Ericsson were worth $1,308,000 at the end of the most recent reporting period.
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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