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

Shares of Ericsson (NASDAQ:ERIC) reached a new 52-week high during trading on Monday . The company traded as high as $12.87 and last traded at $12.84, with a volume of 13818907 shares. The stock had previously closed at $12.50.

Wall Street Analyst Weigh In

A number of research firms recently commented on ERIC. Citigroup reissued a “neutral” rating on shares of Ericsson in a report on Tuesday, April 28th. Argus raised shares of Ericsson to a “hold” rating in a report on Monday, January 26th. Wall Street Zen downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Finally, Morgan Stanley started coverage on shares of Ericsson in a report on Monday, February 9th. They issued an “equal weight” rating and a $11.00 price target on the stock. One investment analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $11.00.

Ericsson Trading Up 1.6%

The business’s 50-day moving average price is $11.72 and its two-hundred day moving average price is $10.68. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.12 and a quick ratio of 0.93. The firm has a market cap of $43.79 billion, a price-to-earnings ratio of 16.44, a price-to-earnings-growth ratio of 2.06 and a beta of 0.88.

Hedge Funds Weigh In On Ericsson

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 third quarter worth approximately $28,000. Jones Financial Companies Lllp increased its position in Ericsson by 12.4% during the third 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 during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Ericsson during the first quarter worth approximately $126,000. Hennessy Advisors Inc. grew its stake in Ericsson by 10.3% during the fourth 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 period. Finally, Neuberger Berman Group LLC grew its stake in Ericsson by 57.6% during the third 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 period. Institutional investors and hedge funds own 7.99% of the company’s stock.

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.