Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC – Get Free Report) shares gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $8.90, but opened at $7.98. Telefonaktiebolaget LM Ericsson (publ) shares last traded at $7.88, with a volume of 8,269,693 shares.
The communications equipment provider reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.04). Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 0.47% and a positive return on equity of 13.31%.
Analyst Ratings Changes
ERIC has been the topic of a number of recent analyst reports. StockNews.com cut Telefonaktiebolaget LM Ericsson (publ) from a “strong-buy” rating to a “buy” rating in a report on Friday. JPMorgan Chase & Co. lifted their target price on Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the stock a “neutral” rating in a report on Monday, October 21st.
Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)
Several large investors have recently made changes to their positions in ERIC. Hexagon Capital Partners LLC increased its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 225.5% in the third quarter. Hexagon Capital Partners LLC now owns 5,664 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 3,924 shares during the last quarter. Vest Financial LLC bought a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the 3rd quarter valued at approximately $77,000. GAMMA Investing LLC boosted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 92.8% in the 3rd quarter. GAMMA Investing LLC now owns 10,534 shares of the communications equipment provider’s stock worth $80,000 after purchasing an additional 5,070 shares during the period. Sanctuary Advisors LLC purchased a new stake in Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter valued at $81,000. Finally, Assetmark Inc. lifted its position in Telefonaktiebolaget LM Ericsson (publ) by 1,737.1% in the third quarter. Assetmark Inc. now owns 12,382 shares of the communications equipment provider’s stock worth $94,000 after buying an additional 11,708 shares during the last quarter. 7.99% of the stock is owned by institutional investors.
Telefonaktiebolaget LM Ericsson (publ) Price Performance
The company has a quick ratio of 0.95, a current ratio of 1.19 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $25.39 billion, a PE ratio of -254.00 and a beta of 0.79. The firm’s 50 day simple moving average is $8.23 and its 200 day simple moving average is $7.71.
About Telefonaktiebolaget LM Ericsson (publ)
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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