Ericsson (ERIC) Sees Unusually-High Trading Volume
Ericsson (NASDAQ:ERIC) saw unusually-strong trading volume on Tuesday . Approximately 3,653,538 shares changed hands during 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 analysts have recently issued reports on ERIC shares. Bank of America Corp. lowered shares of Ericsson from a “buy” rating to a “neutral” rating in a research note on Thursday, April 21st. BMO Capital Markets reissued a “hold” rating on shares of Ericsson in a research note on Wednesday, April 20th. Goldman Sachs Group Inc. reissued a “sell” rating on shares of Ericsson in a research note on Friday, April 22nd. Sanford C. Bernstein downgraded Ericsson from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $8.23 to $8.27 in a report on Friday, April 22nd. Finally, Cowen and Company downgraded Ericsson from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $11.00 to $7.00 in a report on Friday, April 22nd. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $8.49.
The company’s 50-day moving average is $7.44 and its 200-day moving average is $8.34. The firm has a market capitalization of $23.96 billion and a PE ratio of 14.929.
Ericsson (NASDAQ:ERIC) last posted its earnings results on Tuesday, July 19th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by $0.02. Equities research analysts predict that Ericsson will post $0.52 EPS for the current fiscal year.
An institutional investor recently raised its position in Ericsson stock. US Bancorp DE raised its stake in shares of Ericsson (NASDAQ:ERIC) by 15.9% during the fourth quarter, according to its most recent 13F filing with the 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 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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