Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sees Strong Trading Volume – Time to Buy?

Shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) saw unusually-high trading volume on Tuesday . Approximately 32,022,364 shares were traded during trading, an increase of 91% from the previous session’s volume of 16,742,832 shares.The stock last traded at $8.35 and had previously closed at $8.06.

Wall Street Analysts Forecast Growth

ERIC has been the subject of several research analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the company a “neutral” rating in a research report on Monday, October 21st. StockNews.com upgraded shares of Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Stock Up 3.0 %

The company’s 50 day moving average price is $7.91 and its two-hundred day moving average price is $6.93. 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 stock has a market cap of $27.66 billion, a P/E ratio of -277.67 and a beta of 0.81.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last released its earnings results on Tuesday, October 15th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $5.93 billion during 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%. Equities analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.44 earnings per share for the current year.

Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)

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

About Telefonaktiebolaget LM Ericsson (publ)

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.