Analysts Set Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Price Target at $6.70

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) has been given a consensus recommendation of “Reduce” by the four ratings firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, one has given a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $6.70.

ERIC has been the topic of several analyst reports. StockNews.com upgraded Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price objective on Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the stock a “neutral” rating in a research note on Monday, October 21st.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 131.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock worth $34,000 after buying an additional 3,101 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the first quarter worth about $36,000. BOKF NA bought a new stake in Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter valued at approximately $41,000. Hexagon Capital Partners LLC lifted its holdings in Telefonaktiebolaget LM Ericsson (publ) by 225.5% in the 3rd 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 in the last quarter. Finally, Williams & Novak LLC bought a new position in Telefonaktiebolaget LM Ericsson (publ) in the 2nd quarter worth approximately $76,000. Hedge funds and other institutional investors own 7.99% of the company’s stock.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

NASDAQ ERIC opened at $8.00 on Tuesday. 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 firm has a market capitalization of $26.66 billion, a P/E ratio of -266.33 and a beta of 0.81. The company has a 50-day moving average price of $7.87 and a 200-day moving average price of $6.86. Telefonaktiebolaget LM Ericsson has a 52 week low of $4.77 and a 52 week high of $8.62.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last announced its earnings results on Tuesday, October 15th. The communications equipment provider reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. The business had revenue of $5.93 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 0.47% and a positive return on equity of 13.31%. Equities research analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.46 earnings per share for the current year.

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.