Ericsson (NASDAQ:ERIC) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

by · The Cerbat Gem

Shares of Ericsson (NASDAQ:ERIC – Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.53 and traded as high as $9.62. Ericsson shares last traded at $9.56, with a volume of 5,364,307 shares changing hands.

Analysts Set New Price Targets

A number of research firms have weighed in on ERIC. Barclays reaffirmed an “underweight” rating on shares of Ericsson in a report on Wednesday, October 15th. Jefferies Financial Group upgraded Ericsson to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings raised Ericsson from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday. BNP Paribas reissued an “underperform” rating on shares of Ericsson in a report on Wednesday, September 3rd. Finally, Cfra Research upgraded Ericsson to a “hold” rating in a research 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $9.80.

Check Out Our Latest Stock Analysis on ERIC

Ericsson Stock Down 0.8%

The firm has a market cap of $31.94 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.53 and a beta of 0.91. The business has a fifty day simple moving average of $9.56 and a 200 day simple moving average of $8.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.17 and a quick ratio of 0.94.

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

Institutional Investors Weigh In On Ericsson

A number of hedge funds have recently modified their holdings of the business. Jump Financial LLC acquired a new position in Ericsson during the second quarter worth about $17,461,000. ABC Arbitrage SA boosted its holdings in shares of Ericsson by 64.6% during the 2nd quarter. ABC Arbitrage SA now owns 5,121,349 shares of the communications equipment provider’s stock worth $43,429,000 after purchasing an additional 2,009,723 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Ericsson by 106.6% during the 1st quarter. Northern Trust Corp now owns 3,659,696 shares of the communications equipment provider’s stock worth $28,399,000 after purchasing an additional 1,888,375 shares during the last quarter. Jane Street Group LLC grew its position in shares of Ericsson by 113.0% in the first quarter. Jane Street Group LLC now owns 2,387,985 shares of the communications equipment provider’s stock valued at $18,531,000 after purchasing an additional 1,266,788 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Ericsson by 42.9% in the second quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock valued at $28,408,000 after purchasing an additional 1,005,398 shares during the last quarter. 7.99% of the stock is currently owned by institutional investors and hedge funds.

Ericsson Company Profile

(Get Free Report)

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.

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