Ericsson $ERIC Shares Sold by Dorsey Wright & Associates

Dorsey Wright & Associates lessened its stake in Ericsson (NASDAQ:ERIC) by 38.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 180,798 shares of the communications equipment provider’s stock after selling 113,723 shares during the quarter. Dorsey Wright & Associates’ holdings in Ericsson were worth $1,533,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ERIC. Federated Hermes Inc. acquired a new stake in shares of Ericsson in the first quarter valued at about $27,000. Cromwell Holdings LLC lifted its stake in Ericsson by 72.8% in the 2nd quarter. Cromwell Holdings LLC now owns 10,276 shares of the communications equipment provider’s stock valued at $87,000 after buying an additional 4,330 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Ericsson by 692.4% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 12,456 shares of the communications equipment provider’s stock worth $97,000 after buying an additional 10,884 shares during the last quarter. Caliber Wealth Management LLC KS acquired a new stake in Ericsson in the 1st quarter worth about $110,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Ericsson during the 1st quarter worth approximately $126,000. 7.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ERIC shares. Weiss Ratings restated a “hold (c+)” rating on shares of Ericsson in a research report on Thursday, November 13th. Wall Street Zen downgraded Ericsson from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 18th. Citigroup restated a “neutral” rating on shares of Ericsson in a report on Wednesday, October 22nd. Jefferies Financial Group raised shares of Ericsson to a “hold” rating in a research note on Monday, October 13th. Finally, Cfra Research upgraded shares of Ericsson to a “hold” rating in a research report on Wednesday, October 15th. Seven investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $9.80.

Ericsson Stock Performance

Shares of Ericsson stock opened at $9.50 on Wednesday. The business’s 50 day moving average price is $8.99 and its 200 day moving average price is $8.39. The company has a market cap of $31.81 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.69 and a beta of 0.91. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.94 and a current ratio of 1.17. Ericsson has a one year low of $6.64 and a one year high of $10.35.

Ericsson (NASDAQ:ERIC) last issued its earnings results on Tuesday, October 14th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. Ericsson had a return on equity of 21.50% and a net margin of 10.44%.The company had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $57.16 billion. During the same period in the prior year, the business earned $1.14 EPS. The firm’s quarterly revenue was down 9.0% on a year-over-year basis. On average, research analysts predict that Ericsson will post 0.48 EPS for the current year.

Ericsson Company Profile

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.