Ericsson (NASDAQ:ERIC) Hits New 52-Week High – Time to Buy?

Ericsson (NASDAQ:ERIC)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $13.67 and last traded at $13.65, with a volume of 1013513 shares traded. The stock had previously closed at $13.50.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Argus upgraded shares of Ericsson to a “hold” rating in a research note on Monday, January 26th. Morgan Stanley initiated coverage on shares of Ericsson in a research report on Monday, February 9th. They set an “equal weight” rating and a $11.00 price objective on the stock. Citigroup restated a “neutral” rating on shares of Ericsson in a research report on Tuesday, April 28th. Finally, Wall Street Zen downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $11.00.

Ericsson Stock Performance

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12. The company has a market capitalization of $45.78 billion, a P/E ratio of 17.19, a P/E/G ratio of 2.17 and a beta of 0.88. The business’s fifty day simple moving average is $11.87 and its 200-day simple moving average is $10.77.

Institutional Trading of Ericsson

A number of institutional investors and hedge funds have recently bought and sold shares of ERIC. Brown Brothers Harriman & Co. bought a new stake in Ericsson in the 3rd quarter valued at $28,000. Jones Financial Companies Lllp increased its holdings in shares of Ericsson by 12.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock worth $107,000 after buying an additional 1,441 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Ericsson in the 1st quarter worth about $126,000. Hennessy Advisors Inc. increased its holdings in shares of Ericsson by 10.3% in the 4th quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock worth $158,000 after buying an additional 1,518 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in shares of Ericsson by 57.6% in the 3rd quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider’s stock worth $267,000 after buying an additional 11,792 shares during the last quarter. 7.99% of the stock is currently owned by institutional investors.

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.