Cowen and Company cut shares of Ericsson (NASDAQ:ERIC) to an underperform rating in a research report sent to investors on Thursday morning.

Other analysts have also recently issued research reports about the stock. BidaskClub cut shares of Ericsson from a strong-buy rating to a buy rating in a report on Thursday, July 27th. Canaccord Genuity reaffirmed a hold rating and issued a $6.00 price objective on shares of Ericsson in a report on Tuesday, July 18th. J P Morgan Chase & Co reaffirmed a hold rating on shares of Ericsson in a report on Tuesday, July 18th. Zacks Investment Research raised shares of Ericsson from a strong sell rating to a hold rating in a report on Monday, July 17th. Finally, Danske cut shares of Ericsson from a buy rating to a hold rating in a research note on Thursday, August 31st. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus price target of $5.34.

Shares of Ericsson (ERIC) traded up 9.32% during mid-day trading on Thursday, hitting $6.45. 14,032,735 shares of the stock traded hands. The firm’s 50 day moving average price is $5.78 and its 200-day moving average price is $6.41. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.47. The stock’s market cap is $21.13 billion.

Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 firm had revenue of $49.90 billion during the quarter, compared to analyst estimates of $50.66 billion. During the same period last year, the business earned $0.83 EPS. The firm’s revenue was down 7.8% on a year-over-year basis. Analysts predict that Ericsson will post $0.04 earnings per share for the current year.

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Several large investors have recently bought and sold shares of ERIC. Credit Suisse AG boosted its position in shares of Ericsson by 912.8% during the 1st quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after purchasing an additional 4,093,879 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Ericsson during the 2nd quarter valued at about $15,331,000. Wellington Management Group LLP bought a new position in shares of Ericsson during the 1st quarter valued at about $14,129,000. Sei Investments Co. boosted its position in shares of Ericsson by 215.4% during the 2nd quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock valued at $21,412,000 after purchasing an additional 2,039,348 shares in the last quarter. Finally, Folketrygdfondet boosted its position in shares of Ericsson by 26.8% during the 2nd quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock valued at $60,461,000 after purchasing an additional 1,780,000 shares in the last quarter. Institutional investors own 7.95% of the company’s stock.

About Ericsson

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.

Analyst Recommendations for Ericsson (NASDAQ:ERIC)

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