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

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

Analyst Ratings Changes

ERIC has been the topic of several research reports. Citigroup restated a “neutral” rating on shares of Ericsson in a research note on Tuesday, April 28th. Wall Street Zen lowered Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, April 25th. Finally, Morgan Stanley began coverage on Ericsson in a report on Monday, February 9th. They set an “equal weight” rating and a $11.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Ericsson presently has an average rating of “Reduce” and an average price target of $11.00.

Ericsson Price Performance

The firm has a market capitalization of $43.96 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.21 and a beta of 0.88. The business has a fifty day moving average of $11.94 and a 200-day moving average of $10.83. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12.

Hedge Funds Weigh In On Ericsson

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew its holdings in 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 in the last quarter. Hennessy Advisors Inc. lifted its position in Ericsson by 10.3% in the fourth 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 during the period. RNC Capital Management LLC lifted its position in Ericsson by 2.5% in the fourth quarter. RNC Capital Management LLC now owns 64,667 shares of the communications equipment provider’s stock worth $624,000 after purchasing an additional 1,576 shares during the period. Geode Capital Management LLC lifted its position in Ericsson by 0.7% in the second quarter. Geode Capital Management LLC now owns 250,389 shares of the communications equipment provider’s stock worth $2,123,000 after purchasing an additional 1,658 shares during the period. Finally, Dorsey & Whitney Trust CO LLC lifted its position in Ericsson by 7.2% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider’s stock worth $414,000 after purchasing an additional 2,869 shares during the period. 7.99% of the stock is 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.