Ericsson (NASDAQ:ERIC) Raised to Buy (B-) at Weiss Ratings

Ericsson (NASDAQ:ERIC) was upgraded by analysts at Weiss Ratings from a “hold (c+)” rating to a “buy (b-)” rating in a note issued to investors on Saturday,Weiss Ratings reports.

Other research analysts have also issued reports about the company. Jefferies Financial Group raised Ericsson to a “hold” rating in a report on Monday, October 13th. Citigroup reissued a “neutral” rating on shares of Ericsson in a report on Wednesday. Danske downgraded Ericsson to a “hold” rating in a research note on Wednesday, October 15th. Barclays restated an “underweight” rating on shares of Ericsson in a research note on Wednesday, October 15th. Finally, Cfra Research upgraded Ericsson to a “hold” rating in a research report on Wednesday, October 15th. 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. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $9.80.

Ericsson Price Performance

Shares of Ericsson stock opened at $9.45 on Friday. The stock has a market cap of $31.64 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 1.58 and a beta of 0.87. Ericsson has a 52 week low of $6.64 and a 52 week high of $9.87. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $8.32 and its two-hundred day moving average price is $8.17.

Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, October 14th. The communications equipment provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. Ericsson had a return on equity of 21.50% and a net margin of 10.44%.The firm had revenue of $5.91 billion during the quarter, compared to analyst estimates of $57.16 billion. During the same period last year, the company earned $1.14 earnings per share. The company’s revenue was down 9.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Ericsson will post 0.48 EPS for the current fiscal year.

Institutional Trading of Ericsson

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC increased its position in Ericsson by 7.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 25,231 shares of the communications equipment provider’s stock worth $196,000 after buying an additional 1,713 shares during the last quarter. Aaron Wealth Advisors LLC increased its position in Ericsson by 6.3% in the first quarter. Aaron Wealth Advisors LLC now owns 30,122 shares of the communications equipment provider’s stock worth $234,000 after buying an additional 1,777 shares during the last quarter. Drum Hill Capital LLC increased its position in Ericsson by 1.3% in the first quarter. Drum Hill Capital LLC now owns 725,408 shares of the communications equipment provider’s stock worth $5,629,000 after buying an additional 9,157 shares during the last quarter. Checchi Capital Advisers LLC increased its position in Ericsson by 15.4% in the first quarter. Checchi Capital Advisers LLC now owns 17,328 shares of the communications equipment provider’s stock worth $134,000 after buying an additional 2,313 shares during the last quarter. Finally, Callan Capital LLC increased its position in Ericsson by 27.0% in the first quarter. Callan Capital LLC now owns 71,962 shares of the communications equipment provider’s stock worth $558,000 after buying an additional 15,317 shares during the last quarter. 7.99% of the stock is owned by hedge funds and other institutional investors.

Ericsson Company Profile

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.