Ericsson (NASDAQ:ERIC) Sets New 1-Year High – Here’s Why

Ericsson (NASDAQ:ERIC) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.87 and last traded at $12.84, with a volume of 13818907 shares trading hands. The stock had previously closed at $12.50.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup reiterated a “neutral” rating on shares of Ericsson in a research report on Tuesday, April 28th. Argus upgraded shares of Ericsson to a “hold” rating in a research report on Monday, January 26th. Wall Street Zen downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Finally, Morgan Stanley assumed coverage on shares of Ericsson in a research note on Monday, February 9th. They issued an “equal weight” rating and a $11.00 price target on the stock. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Ericsson has an average rating of “Reduce” and a consensus target price of $11.00.

Ericsson Stock Up 2.7%

The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $43.28 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 2.01 and a beta of 0.88. The stock’s fifty day moving average price is $11.65 and its 200-day moving average price is $10.64.

Institutional Trading of Ericsson

A number of hedge funds and other institutional investors have recently made changes to their positions in ERIC. Brown Brothers Harriman & Co. acquired a new position in Ericsson during the third quarter worth $28,000. Jones Financial Companies Lllp boosted its position in shares of Ericsson by 12.4% in the third quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock valued at $107,000 after acquiring an additional 1,441 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ericsson in the first quarter valued at about $126,000. Hennessy Advisors Inc. boosted its position in shares of Ericsson by 10.3% in the fourth quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock valued at $158,000 after acquiring an additional 1,518 shares during the period. Finally, Neuberger Berman Group LLC boosted its position in shares of Ericsson by 57.6% in the third quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider’s stock valued at $267,000 after acquiring an additional 11,792 shares during the period. 7.99% of the stock is currently owned by institutional investors and hedge funds.

Ericsson Company Profile

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.