Ericsson (NASDAQ:ERIC) Receives $9.80 Consensus PT from Analysts

Shares of Ericsson (NASDAQ:ERIC) have been given a consensus rating of “Reduce” by the eight ratings firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation and six have issued a hold recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $9.80.

ERIC has been the subject of several recent analyst reports. Danske cut shares of Ericsson to a “hold” rating in a research report on Wednesday. Wall Street Zen raised shares of Ericsson from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 5th. Barclays reaffirmed an “underweight” rating on shares of Ericsson in a research report on Wednesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ericsson in a research report on Wednesday, October 8th. Finally, Cfra Research raised shares of Ericsson to a “hold” rating in a research report on Wednesday.

Institutional Investors Weigh In On Ericsson

A number of institutional investors and hedge funds have recently bought and sold shares of ERIC. Federated Hermes Inc. purchased a new stake in Ericsson in the first quarter valued at $27,000. Pinnacle Bancorp Inc. purchased a new stake in Ericsson in the first quarter valued at $31,000. Cromwell Holdings LLC lifted its position in Ericsson by 72.8% in the second quarter. Cromwell Holdings LLC now owns 10,276 shares of the communications equipment provider’s stock valued at $87,000 after acquiring an additional 4,330 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Ericsson by 692.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 12,456 shares of the communications equipment provider’s stock valued at $97,000 after acquiring an additional 10,884 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in Ericsson in the fourth quarter valued at $105,000. 7.99% of the stock is owned by hedge funds and other institutional investors.

Ericsson Stock Performance

Shares of Ericsson stock opened at $9.54 on Wednesday. The company has a market cap of $31.94 billion, a PE ratio of 12.89, a P/E/G ratio of 1.59 and a beta of 0.87. The business has a 50-day simple moving average of $8.13 and a 200-day simple moving average of $8.08. Ericsson has a one year low of $6.64 and a one year high of $9.87. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.86 and a current ratio of 1.17.

Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, October 14th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. The business had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $57.16 billion. Ericsson had a net margin of 10.44% and a return on equity of 21.50%. The company’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.14 EPS. On average, equities research analysts forecast that Ericsson will post 0.48 EPS for the current fiscal year.

About Ericsson

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.