Ericsson (NASDAQ:ERIC) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Ericsson (NASDAQ:ERIC) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $10.97 and traded as high as $13.38. Ericsson shares last traded at $13.3550, with a volume of 7,431,529 shares trading hands.

Analysts Set New Price Targets

ERIC has been the subject of several analyst reports. Morgan Stanley initiated coverage on shares of Ericsson in a research note on Monday, February 9th. They issued an “equal weight” rating and a $11.00 target price for the company. Citigroup reissued a “neutral” rating on shares of Ericsson in a research note on Tuesday, April 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Ericsson in a research note on Tuesday. Finally, Wall Street Zen downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Ericsson presently has an average rating of “Reduce” and a consensus target price of $11.00.

Ericsson Stock Performance

The stock’s 50-day moving average is $12.17 and its 200-day moving average is $10.98. The stock has a market cap of $42.34 billion, a price-to-earnings ratio of 15.90, a P/E/G ratio of 2.15 and a beta of 0.90. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.21.

Hedge Funds Weigh In On Ericsson

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its holdings in Ericsson by 12.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock worth $107,000 after acquiring an additional 1,441 shares during the period. Hennessy Advisors Inc. boosted its holdings in Ericsson by 10.3% in the 4th quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock worth $158,000 after acquiring an additional 1,518 shares during the period. RNC Capital Management LLC boosted its holdings in Ericsson by 2.5% in the 4th quarter. RNC Capital Management LLC now owns 64,667 shares of the communications equipment provider’s stock worth $624,000 after acquiring an additional 1,576 shares during the period. Geode Capital Management LLC boosted its holdings in Ericsson by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 250,389 shares of the communications equipment provider’s stock worth $2,123,000 after acquiring an additional 1,658 shares during the period. Finally, Dorsey & Whitney Trust CO LLC boosted its holdings in Ericsson by 7.2% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider’s stock worth $414,000 after acquiring an additional 2,869 shares during the period. Hedge funds and other institutional investors own 7.99% of the company’s stock.

About Ericsson

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.