Ericsson (NASDAQ:ERIC) shares gapped up before the market opened on Monday . The stock had previously closed at $7.37, but opened at $7.38. Ericsson shares last traded at $7.42, with a volume of 2,113,806 shares changing hands.

ERIC has been the subject of several research reports. Morgan Stanley reissued a “neutral” rating on shares of Ericsson in a research report on Friday, August 12th. Bank of America Corp. reissued a “hold” rating on shares of Ericsson in a research report on Tuesday, July 26th. BMO Capital Markets reissued a “hold” rating and issued a $7.00 target price on shares of Ericsson in a research report on Monday, July 25th. Canaccord Genuity decreased their target price on Ericsson from $8.50 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, July 20th. Finally, Charter Equity lowered Ericsson from a “market perform” rating to an “underperform” rating in a research report on Wednesday, July 20th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $8.49.

The firm has a market cap of $24.27 billion and a price-to-earnings ratio of 15.09. The company’s 50 day moving average is $7.42 and its 200 day moving average is $8.31.

Ericsson (NASDAQ:ERIC) last issued its quarterly earnings data on Tuesday, July 19th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. Analysts anticipate that Ericsson will post $0.52 earnings per share for the current year.

A hedge fund recently raised its stake 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 disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent SEC filing.

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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