Ericsson (NASDAQ:ERIC)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $6.47, but opened at $6.30. Ericsson shares last traded at $6.22, with a volume of 5686975 shares trading hands.

Several equities analysts recently weighed in on ERIC shares. Cowen lowered shares of Ericsson to an “underperform” rating in a report on Thursday, October 19th. BNP Paribas raised shares of Ericsson from a “neutral” rating to an “outperform” rating in a research note on Thursday, September 21st. Citigroup downgraded shares of Ericsson from a “buy” rating to a “neutral” rating in a research note on Thursday, November 9th. Danske downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Finally, Zacks Investment Research downgraded shares of Ericsson from a “hold” rating to a “strong sell” rating in a research note on Friday, October 6th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. Ericsson currently has an average rating of “Hold” and an average target price of $5.34.

The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.35 and a current ratio of 1.72.

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 the Thomson Reuters’ consensus estimate of $0.01 by ($0.07). The company had revenue of $47.80 billion during the quarter, compared to the consensus estimate of $47.21 billion. Ericsson had a negative return on equity of 5.67% and a negative net margin of 8.60%. Ericsson’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 EPS. research analysts expect that Ericsson will post -0.13 EPS for the current year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GenTrust LLC bought a new stake in shares of Ericsson in the 2nd quarter worth about $120,000. Advisor Group Inc. increased its position in shares of Ericsson by 14.4% in the 2nd quarter. Advisor Group Inc. now owns 19,964 shares of the communications equipment provider’s stock worth $143,000 after purchasing an additional 2,520 shares during the last quarter. First Allied Advisory Services Inc. increased its position in shares of Ericsson by 14.1% in the 2nd quarter. First Allied Advisory Services Inc. now owns 24,841 shares of the communications equipment provider’s stock worth $176,000 after purchasing an additional 3,064 shares during the last quarter. Regal Investment Advisors LLC increased its position in shares of Ericsson by 121.2% in the 3rd quarter. Regal Investment Advisors LLC now owns 26,271 shares of the communications equipment provider’s stock worth $151,000 after purchasing an additional 14,397 shares during the last quarter. Finally, Well Done LLC bought a new stake in shares of Ericsson in the 3rd quarter worth about $173,000. 8.08% of the stock is owned by institutional investors.

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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.

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