Telefonaktiebolaget LM Ericsson (ERIC) Shares Gap Down to $7.29

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) gapped down prior to trading on Monday . The stock had previously closed at $7.44, but opened at $7.29. Telefonaktiebolaget LM Ericsson shares last traded at $7.18, with a volume of 6690910 shares traded.

Several research analysts have recently weighed in on the stock. BidaskClub upgraded shares of Telefonaktiebolaget LM Ericsson from a “strong sell” rating to a “sell” rating in a research note on Tuesday, January 16th. Zacks Investment Research cut shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 9th. Canaccord Genuity dropped their price target on shares of Telefonaktiebolaget LM Ericsson from $5.75 to $5.25 and set a “hold” rating on the stock in a research note on Monday, October 23rd. ValuEngine upgraded shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a research note on Saturday, October 21st. Finally, Citigroup cut shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “neutral” rating in a research note on Thursday, November 9th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $5.59.

The company has a current ratio of 1.72, a quick ratio of 1.35 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $23,960.00, a P/E ratio of -10.56, a price-to-earnings-growth ratio of 30.65 and a beta of 1.10.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last released its earnings results on Friday, October 20th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). Telefonaktiebolaget LM Ericsson had a negative net margin of 8.60% and a negative return on equity of 5.67%. The firm had revenue of $47.80 billion for the quarter, compared to analysts’ expectations of $47.21 billion. During the same quarter last year, the firm posted $0.34 EPS. The firm’s quarterly revenue was down 6.5% compared to the same quarter last year. equities research analysts forecast that Telefonaktiebolaget LM Ericsson will post -0.13 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Telefonaktiebolaget LM Ericsson by 24.6% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 114,238,889 shares of the communications equipment provider’s stock valued at $656,874,000 after buying an additional 22,573,761 shares in the last quarter. Folketrygdfondet lifted its stake in shares of Telefonaktiebolaget LM Ericsson by 23.7% during the 3rd quarter. Folketrygdfondet now owns 10,432,504 shares of the communications equipment provider’s stock valued at $59,987,000 after buying an additional 2,000,000 shares in the last quarter. Artisan Partners Limited Partnership purchased a new position in shares of Telefonaktiebolaget LM Ericsson during the 3rd quarter valued at $46,707,000. Parametric Portfolio Associates LLC lifted its stake in shares of Telefonaktiebolaget LM Ericsson by 1.8% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,167,532 shares of the communications equipment provider’s stock valued at $22,711,000 after buying an additional 54,557 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Telefonaktiebolaget LM Ericsson by 1.5% during the 2nd quarter. Northern Trust Corp now owns 2,772,399 shares of the communications equipment provider’s stock valued at $19,878,000 after buying an additional 41,831 shares in the last quarter. Institutional investors own 8.07% 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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