Ericsson (ERIC) Downgraded to “Strong Sell” at BidaskClub

BidaskClub lowered shares of Ericsson (NASDAQ:ERIC) from a sell rating to a strong sell rating in a report issued on Thursday.

ERIC has been the topic of several other reports. Zacks Investment Research downgraded shares of Ericsson from a hold rating to a sell rating in a report on Tuesday, March 6th. Charter Equity raised shares of Ericsson from a market perform rating to a buy rating in a report on Monday, April 23rd. ValuEngine downgraded shares of Ericsson from a hold rating to a sell rating in a report on Wednesday, March 7th. Bank of America downgraded shares of Ericsson from a buy rating to an underperform rating in a report on Monday, February 5th. Finally, Cowen raised shares of Ericsson from an underperform rating to a market perform rating and upped their price objective for the company from $3.00 to $7.00 in a report on Friday, April 20th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $5.91.

Ericsson stock traded up $0.02 during mid-day trading on Thursday, reaching $7.70. 311,242 shares of the company traded hands, compared to its average volume of 6,139,475. The company has a current ratio of 1.46, a quick ratio of 1.18 and a debt-to-equity ratio of 0.33. Ericsson has a fifty-two week low of $7.61 and a fifty-two week high of $7.67. The firm has a market capitalization of $25.54 billion, a price-to-earnings ratio of -16.38 and a beta of 0.79.

Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Friday, April 20th. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.04. The business had revenue of $43.40 billion for the quarter, compared to analyst estimates of $43.59 billion. Ericsson had a negative net margin of 12.75% and a negative return on equity of 4.58%. Ericsson’s revenue for the quarter was down 9.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($2.42) EPS. sell-side analysts predict that Ericsson will post 0.17 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Financial Gravity Companies Inc. boosted its holdings in Ericsson by 62.9% during the first quarter. Financial Gravity Companies Inc. now owns 18,492 shares of the communications equipment provider’s stock worth $138,000 after buying an additional 7,141 shares in the last quarter. Natixis Advisors L.P. boosted its holdings in Ericsson by 4.2% during the first quarter. Natixis Advisors L.P. now owns 212,801 shares of the communications equipment provider’s stock worth $1,362,000 after buying an additional 8,644 shares in the last quarter. Lockheed Martin Investment Management Co. boosted its holdings in Ericsson by 5.5% during the fourth quarter. Lockheed Martin Investment Management Co. now owns 179,300 shares of the communications equipment provider’s stock worth $1,198,000 after buying an additional 9,300 shares in the last quarter. Stifel Financial Corp boosted its holdings in Ericsson by 7.2% during the first quarter. Stifel Financial Corp now owns 178,785 shares of the communications equipment provider’s stock worth $1,138,000 after buying an additional 12,057 shares in the last quarter. Finally, Keybank National Association OH purchased a new stake in Ericsson during the fourth quarter worth $100,000. 8.31% of the stock is currently owned by hedge funds and other institutional investors.

About Ericsson

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for networks, IT and cloud, and media markets worldwide. It operates through four segments: Networks, Digital Services, Managed Services, and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.

Analyst Recommendations for Ericsson (NASDAQ:ERIC)

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