BidaskClub Lowers Ericsson (NASDAQ:ERIC) to Buy
BidaskClub lowered shares of Ericsson (NASDAQ:ERIC) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday morning.
Other analysts also recently issued research reports about the company. Canaccord Genuity restated a neutral – hold rating and issued a $7.00 target price on shares of Ericsson in a research note on Friday, June 30th. Societe Generale began coverage on Ericsson in a research note on Wednesday, June 14th. They issued a hold rating on the stock. Credit Suisse Group upgraded Ericsson from an underperform rating to a neutral rating in a research note on Wednesday, April 12th. Sanford C. Bernstein upgraded Ericsson from a market perform rating to an outperform rating in a research note on Wednesday, March 29th. Finally, Zacks Investment Research downgraded Ericsson from a hold rating to a sell rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $5.95.
Ericsson (NASDAQ:ERIC) traded up 1.26% on Thursday, hitting $6.42. 5,783,571 shares of the stock were exchanged. Ericsson has a 52-week low of $4.83 and a 52-week high of $7.55.
Ericsson (NASDAQ:ERIC) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by $0.03. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The company had revenue of $49.90 billion during the quarter, compared to analysts’ expectations of $50.66 billion. During the same quarter in the previous year, the company earned $0.83 EPS. The firm’s quarterly revenue was down 7.8% compared to the same quarter last year. On average, analysts anticipate that Ericsson will post $0.23 earnings per share for the current fiscal year.
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Several institutional investors have recently made changes to their positions in the stock. Quadrature Capital Ltd boosted its position in shares of Ericsson by 141.0% in the fourth quarter. Quadrature Capital Ltd now owns 138,740 shares of the communications equipment provider’s stock worth $809,000 after buying an additional 81,173 shares during the last quarter. Searle & CO. purchased a new position in shares of Ericsson during the fourth quarter worth approximately $284,000. Manning & Napier Advisors LLC boosted its position in shares of Ericsson by 8.2% in the first quarter. Manning & Napier Advisors LLC now owns 438,660 shares of the communications equipment provider’s stock worth $2,912,000 after buying an additional 33,365 shares during the last quarter. Profund Advisors LLC boosted its position in shares of Ericsson by 51.0% in the first quarter. Profund Advisors LLC now owns 182,266 shares of the communications equipment provider’s stock worth $1,210,000 after buying an additional 61,523 shares during the last quarter. Finally, Wetherby Asset Management Inc. boosted its position in shares of Ericsson by 25.7% in the first quarter. Wetherby Asset Management Inc. now owns 40,587 shares of the communications equipment provider’s stock worth $269,000 after buying an additional 8,299 shares during the last quarter. 8.06% of the stock is owned by institutional investors and hedge funds.
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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