Telefonaktiebolaget LM Ericsson (ERIC) Shares Gap Down to $6.41

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) gapped down before the market opened on Friday . The stock had previously closed at $6.37, but opened at $6.41. Telefonaktiebolaget LM Ericsson shares last traded at $6.45, with a volume of 2790577 shares.

A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a research note on Tuesday, March 20th. ValuEngine raised shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a research note on Thursday, March 1st. Canaccord Genuity reissued a “hold” rating and set a $6.00 price target (down from $6.50) on shares of Telefonaktiebolaget LM Ericsson in a research note on Thursday, February 1st. BidaskClub raised shares of Telefonaktiebolaget LM Ericsson from a “strong sell” rating to a “sell” rating in a research note on Tuesday, February 13th. Finally, Bank of America downgraded shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to an “underperform” rating in a research note on Monday, February 5th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. Telefonaktiebolaget LM Ericsson has a consensus rating of “Hold” and a consensus target price of $4.91.

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The company has a debt-to-equity ratio of 0.30, a current ratio of 1.59 and a quick ratio of 1.33.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last issued its quarterly earnings data on Wednesday, January 31st. The communications equipment provider reported ($0.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.18). The firm had revenue of $57.20 billion for the quarter, compared to analyst estimates of $58.24 billion. Telefonaktiebolaget LM Ericsson had a negative net margin of 17.57% and a negative return on equity of 11.30%. The firm’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 EPS. equities analysts predict that Telefonaktiebolaget LM Ericsson will post 0.03 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in Telefonaktiebolaget LM Ericsson by 15.1% during the second quarter. The Manufacturers Life Insurance Company now owns 43,775 shares of the communications equipment provider’s stock valued at $314,000 after purchasing an additional 5,746 shares during the period. Mackenzie Financial Corp grew its holdings in Telefonaktiebolaget LM Ericsson by 30.2% during the third quarter. Mackenzie Financial Corp now owns 36,015 shares of the communications equipment provider’s stock valued at $207,000 after purchasing an additional 8,351 shares during the period. Advisor Group Inc. grew its holdings in Telefonaktiebolaget LM Ericsson by 44.8% during the third quarter. Advisor Group Inc. now owns 28,917 shares of the communications equipment provider’s stock valued at $166,000 after purchasing an additional 8,953 shares during the period. Lockheed Martin Investment Management Co. grew its holdings in Telefonaktiebolaget LM Ericsson by 5.5% during the fourth quarter. Lockheed Martin Investment Management Co. now owns 179,300 shares of the communications equipment provider’s stock valued at $1,198,000 after purchasing an additional 9,300 shares during the period. Finally, Keybank National Association OH acquired a new position in Telefonaktiebolaget LM Ericsson during the fourth quarter valued at approximately $100,000. Hedge funds and other institutional investors own 8.32% of the company’s stock.

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Telefonaktiebolaget LM Ericsson Company Profile

Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.

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