Telefonaktiebolaget LM Ericsson (ERIC) Shares Gap Up to $8.34

Share on StockTwits

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) gapped up before the market opened on Tuesday . The stock had previously closed at $8.14, but opened at $8.34. Telefonaktiebolaget LM Ericsson shares last traded at $8.63, with a volume of 3238869 shares traded.

A number of brokerages recently weighed in on ERIC. ValuEngine cut Telefonaktiebolaget LM Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, June 28th. BidaskClub upgraded Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a research note on Friday, June 22nd. BMO Capital Markets restated a “hold” rating on shares of Telefonaktiebolaget LM Ericsson in a research note on Thursday. DZ Bank restated a “$8.27” rating on shares of Telefonaktiebolaget LM Ericsson in a research note on Wednesday, July 18th. Finally, Zacks Investment Research cut Telefonaktiebolaget LM Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $8.08.

The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.33. The company has a market cap of $29.34 billion, a P/E ratio of -19.57 and a beta of 0.77.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last released its quarterly earnings results on Wednesday, July 18th. The communications equipment provider reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.03). Telefonaktiebolaget LM Ericsson had a negative net margin of 13.14% and a negative return on equity of 5.62%. The business had revenue of $49.80 billion during the quarter, compared to analysts’ expectations of $48.09 billion. During the same quarter last year, the business posted $0.17 earnings per share. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, analysts expect that Telefonaktiebolaget LM Ericsson will post 0.19 EPS for the current fiscal year.

A number of institutional investors have recently added to or reduced their stakes in ERIC. Renaissance Technologies LLC purchased a new stake in Telefonaktiebolaget LM Ericsson in the second quarter valued at about $33,931,000. FMR LLC increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 122.5% in the second quarter. FMR LLC now owns 4,650,110 shares of the communications equipment provider’s stock valued at $35,666,000 after purchasing an additional 2,560,110 shares during the period. Millennium Management LLC acquired a new position in shares of Telefonaktiebolaget LM Ericsson in the second quarter valued at about $8,245,000. Bank of America Corp DE increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 173.9% in the second quarter. Bank of America Corp DE now owns 1,203,510 shares of the communications equipment provider’s stock valued at $9,231,000 after purchasing an additional 764,120 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 42,991.8% in the first quarter. JPMorgan Chase & Co. now owns 501,158 shares of the communications equipment provider’s stock valued at $3,208,000 after purchasing an additional 499,995 shares during the period. Institutional investors own 8.18% of the company’s stock.

About Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC)

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.

Featured Story: How can you know how many shares are floating?

Receive News & Ratings for Telefonaktiebolaget LM Ericsson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Telefonaktiebolaget LM Ericsson and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply