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

Ericsson (NASDAQ:ERIC)’s stock price reached a new 52-week high on Monday . The company traded as high as $12.28 and last traded at $12.2750, with a volume of 996565 shares. The stock had previously closed at $11.88.

Analyst Ratings Changes

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

Ericsson Stock Performance

The firm has a 50-day moving average price of $11.53 and a 200 day moving average price of $10.52. The firm has a market capitalization of $41.95 billion, a PE ratio of 15.73, a price-to-earnings-growth ratio of 1.91 and a beta of 0.88. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21.

Institutional Inflows and Outflows

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