Ericsson (NASDAQ:ERIC) Shares Gap Down – Here’s What Happened

Ericsson (NASDAQ:ERIC)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $12.52, but opened at $12.06. Ericsson shares last traded at $11.9310, with a volume of 2,768,486 shares traded.

Analyst Upgrades and Downgrades

ERIC has been the subject of several research reports. Wall Street Zen downgraded Ericsson from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Weiss Ratings restated a “buy (b)” rating on shares of Ericsson in a research report on Tuesday, June 2nd. Citigroup restated a “neutral” rating on shares of Ericsson in a research report on Tuesday, April 28th. Finally, Morgan Stanley assumed coverage on Ericsson in a research report on Monday, February 9th. They set an “equal weight” rating and a $11.00 price objective for the company. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Ericsson presently has an average rating of “Reduce” and an average price target of $11.00.

Ericsson Price Performance

The company has a fifty day simple moving average of $12.19 and a two-hundred day simple moving average of $11.01. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12. The company has a market capitalization of $39.32 billion, a price-to-earnings ratio of 14.69, a P/E/G ratio of 2.02 and a beta of 0.90.

Hedge Funds Weigh In On Ericsson

A number of hedge funds have recently made changes to their positions in ERIC. ABC Arbitrage SA increased its holdings in shares of Ericsson by 36.7% during the 4th quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock worth $42,354,000 after buying an additional 1,179,194 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Ericsson by 42.9% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock worth $28,408,000 after buying an additional 1,005,398 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Ericsson by 19.1% during the 4th quarter. Russell Investments Group Ltd. now owns 1,903,298 shares of the communications equipment provider’s stock worth $18,603,000 after buying an additional 304,974 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Ericsson by 26.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 1,418,076 shares of the communications equipment provider’s stock worth $15,982,000 after buying an additional 295,185 shares during the last quarter. Finally, Defiance ETFs LLC acquired a new stake in shares of Ericsson during the 4th quarter worth $13,766,000. Institutional investors and hedge funds own 7.99% of the company’s stock.

Ericsson Company Profile

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.