Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) shares shot up 5.8% during trading on Thursday . The stock traded as high as $7.35 and last traded at $7.34. 16,145,800 shares changed hands during mid-day trading, an increase of 226% from the average session volume of 4,945,937 shares. The stock had previously closed at $6.94.

Several research firms recently commented on ERIC. BidaskClub upgraded shares of Telefonaktiebolaget LM Ericsson from a “strong sell” rating to a “sell” rating in a report on Tuesday. Zacks Investment Research cut shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 9th. Canaccord Genuity restated a “hold” rating and set a $6.50 price target on shares of Telefonaktiebolaget LM Ericsson in a report on Thursday, December 21st. ValuEngine upgraded shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a report on Saturday, October 21st. Finally, Citigroup cut shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “neutral” rating in a report on Thursday, November 9th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.59.

The stock has a market cap of $23,780.00, a price-to-earnings ratio of -10.71, a P/E/G ratio of 29.18 and a beta of 1.10. The company has a quick ratio of 1.35, a current ratio of 1.72 and a debt-to-equity ratio of 0.24.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last issued its quarterly earnings data on Friday, October 20th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.07). The business had revenue of $47.80 billion for the quarter, compared to the consensus estimate of $47.21 billion. Telefonaktiebolaget LM Ericsson had a negative net margin of 8.60% and a negative return on equity of 5.67%. Telefonaktiebolaget LM Ericsson’s revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 EPS. analysts predict that Telefonaktiebolaget LM Ericsson will post -0.13 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Advisor Group Inc. raised its position in Telefonaktiebolaget LM Ericsson by 14.4% during the second quarter. Advisor Group Inc. now owns 19,964 shares of the communications equipment provider’s stock valued at $143,000 after acquiring an additional 2,520 shares in the last quarter. Regal Investment Advisors LLC raised its position in Telefonaktiebolaget LM Ericsson by 121.2% during the third quarter. Regal Investment Advisors LLC now owns 26,271 shares of the communications equipment provider’s stock valued at $151,000 after acquiring an additional 14,397 shares in the last quarter. Well Done LLC bought a new position in Telefonaktiebolaget LM Ericsson during the third quarter valued at approximately $173,000. First Allied Advisory Services Inc. raised its position in Telefonaktiebolaget LM Ericsson by 14.1% during the second quarter. First Allied Advisory Services Inc. now owns 24,841 shares of the communications equipment provider’s stock valued at $176,000 after acquiring an additional 3,064 shares in the last quarter. Finally, Mackenzie Financial Corp raised its position in Telefonaktiebolaget LM Ericsson by 30.2% during the third quarter. Mackenzie Financial Corp now owns 36,015 shares of the communications equipment provider’s stock valued at $207,000 after acquiring an additional 8,351 shares in the last quarter. 8.07% of the stock is currently owned by hedge funds and other institutional investors.

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About Telefonaktiebolaget LM Ericsson

Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.

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