Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Shares Gap Down – Here’s Why

Shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) gapped down before the market opened on Wednesday . The stock had previously closed at $8.31, but opened at $8.05. Telefonaktiebolaget LM Ericsson (publ) shares last traded at $7.97, with a volume of 2,422,177 shares traded.

Analysts Set New Price Targets

ERIC has been the subject of a number of research reports. StockNews.com raised shares of Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price on shares of 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. Two analysts have rated the stock with a sell rating, one has given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Telefonaktiebolaget LM Ericsson (publ) has a consensus rating of “Hold” and a consensus target price of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Trading Down 4.3 %

The company has a current ratio of 1.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $26.49 billion, a price-to-earnings ratio of -277.00 and a beta of 0.81. The firm’s 50-day moving average is $7.93 and its 200 day moving average is $6.96.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, October 15th. The communications equipment provider reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. The company had revenue of $5.93 billion for the quarter, compared to analyst estimates 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%. On average, equities analysts predict that Telefonaktiebolaget LM Ericsson will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Telefonaktiebolaget LM Ericsson (publ)

A number of hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can grew its stake in Telefonaktiebolaget LM Ericsson (publ) by 50,747.2% during the second quarter. Bank of Montreal Can now owns 13,557,885 shares of the communications equipment provider’s stock worth $83,788,000 after purchasing an additional 13,531,221 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at about $17,940,000. Two Sigma Advisers LP grew its position in Telefonaktiebolaget LM Ericsson (publ) by 17,266.7% in the 3rd quarter. Two Sigma Advisers LP now owns 2,031,900 shares of the communications equipment provider’s stock worth $15,402,000 after purchasing an additional 2,020,200 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in Telefonaktiebolaget LM Ericsson (publ) in the 2nd quarter valued at about $11,869,000. Finally, DigitalBridge Group Inc. boosted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 18.6% in the 2nd quarter. DigitalBridge Group Inc. now owns 5,018,017 shares of the communications equipment provider’s stock worth $30,961,000 after buying an additional 785,261 shares during the last quarter. 7.99% of the stock is currently owned by institutional investors.

Telefonaktiebolaget LM Ericsson (publ) Company Profile

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.