Ericsson (NASDAQ:ERIC) Given Consensus Recommendation of “Reduce” by Brokerages

Ericsson (NASDAQ:ERIC) has been given a consensus rating of “Reduce” by the ten brokerages that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $9.80.

A number of research analysts recently commented on the company. Cfra Research upgraded Ericsson to a “hold” rating in a research report on Wednesday, October 15th. Barclays reiterated an “underweight” rating on shares of Ericsson in a research note on Wednesday, October 15th. Jefferies Financial Group upgraded shares of Ericsson to a “hold” rating in a research report on Monday, October 13th. Danske downgraded shares of Ericsson to a “hold” rating in a report on Wednesday, October 15th. Finally, Wall Street Zen lowered shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th.

Ericsson Trading Up 0.1%

Shares of NASDAQ:ERIC opened at $10.89 on Friday. The business’s 50 day simple moving average is $9.68 and its 200 day simple moving average is $8.84. Ericsson has a 1 year low of $6.64 and a 1 year high of $11.22. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.29 and a quick ratio of 0.94. The company has a market capitalization of $36.71 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.95 and a beta of 0.92.

Hedge Funds Weigh In On Ericsson

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC lifted its position in shares of Ericsson by 7.5% during the 1st quarter. AQR Capital Management LLC now owns 134,891 shares of the communications equipment provider’s stock worth $1,049,000 after buying an additional 9,362 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Ericsson during the first quarter worth about $126,000. Cromwell Holdings LLC lifted its holdings in shares of Ericsson by 72.8% in the second quarter. Cromwell Holdings LLC now owns 10,276 shares of the communications equipment provider’s stock worth $87,000 after acquiring an additional 4,330 shares during the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Ericsson by 17.0% in the second quarter. Yousif Capital Management LLC now owns 55,228 shares of the communications equipment provider’s stock worth $468,000 after acquiring an additional 8,010 shares during the last quarter. Finally, FNY Investment Advisers LLC boosted its stake in shares of Ericsson by 1,050.0% in the 2nd quarter. FNY Investment Advisers LLC now owns 575,000 shares of the communications equipment provider’s stock valued at $4,876,000 after purchasing an additional 525,000 shares in the last quarter. Institutional investors own 7.99% of the company’s stock.

About Ericsson

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.