Ericsson (NASDAQ:ERIC) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

by · The Markets Daily

Ericsson (NASDAQ:ERIC – Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $8.58 and traded as high as $9.75. Ericsson shares last traded at $9.68, with a volume of 3,439,243 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ERIC. Citigroup restated a “neutral” rating on shares of Ericsson in a research report on Wednesday, October 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Ericsson in a research report on Monday. Danske lowered Ericsson to a “hold” rating in a research note on Wednesday, October 15th. BNP Paribas reissued an “underperform” rating on shares of Ericsson in a research report on Wednesday, September 3rd. Finally, Barclays reissued an “underweight” rating on shares of Ericsson in a report on Wednesday, October 15th. One research 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. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $9.80.

Get Our Latest Stock Report on Ericsson

Ericsson Price Performance

The company has a market capitalization of $32.43 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.54 and a beta of 0.91. The company has a fifty day simple moving average of $9.65 and a two-hundred day simple moving average of $8.59. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.94 and a current ratio of 1.17.

Ericsson (NASDAQ:ERIC – Get Free Report) last posted its quarterly earnings data on Tuesday, October 14th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.03. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $57.16 billion. Ericsson had a return on equity of 21.50% and a net margin of 10.44%.The business’s revenue was down 9.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.14 earnings per share. As a group, research analysts anticipate that Ericsson will post 0.48 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ERIC. Jump Financial LLC acquired a new position in shares of Ericsson in the 2nd quarter valued at $17,461,000. FNY Investment Advisers LLC increased its holdings in shares of Ericsson by 1,050.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 575,000 shares of the communications equipment provider’s stock worth $4,876,000 after buying an additional 525,000 shares during the last quarter. Amundi raised its position in shares of Ericsson by 10.8% in the 1st quarter. Amundi now owns 498,887 shares of the communications equipment provider’s stock worth $3,732,000 after buying an additional 48,692 shares during the period. Quantbot Technologies LP purchased a new position in shares of Ericsson in the 2nd quarter worth $2,102,000. Finally, LSV Asset Management acquired a new position in Ericsson in the second quarter valued at $291,000. Institutional investors and hedge funds own 7.99% of the company’s stock.

About Ericsson

(Get Free Report)

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.

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