Ericsson (NASDAQ:ERIC) Hits New 52-Week High – Time to Buy?

Ericsson (NASDAQ:ERIC) hit a new 52-week high on Tuesday . The company traded as high as $13.67 and last traded at $13.65, with a volume of 1013513 shares changing hands. The stock had previously closed at $13.50.

Analysts Set New Price Targets

ERIC has been the subject of a number of analyst reports. Argus raised shares of Ericsson to a “hold” rating in a research note on Monday, January 26th. Morgan Stanley initiated coverage on shares of Ericsson in a research note on Monday, February 9th. They set an “equal weight” rating and a $11.00 target price for the company. Wall Street Zen downgraded shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Ericsson in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Ericsson has a consensus rating of “Reduce” and an average price target of $11.00.

Ericsson Trading Up 0.6%

The stock’s fifty day moving average price is $11.87 and its 200 day moving average price is $10.77. The company has a quick ratio of 0.93, a current ratio of 1.12 and a debt-to-equity ratio of 0.21. The stock has a market cap of $45.78 billion, a PE ratio of 17.19, a PEG ratio of 2.17 and a beta of 0.88.

Institutional Investors Weigh In On Ericsson

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Brown Brothers Harriman & Co. purchased a new stake in Ericsson in the third quarter worth approximately $28,000. Jones Financial Companies Lllp boosted its holdings in Ericsson by 12.4% in the third quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider’s stock worth $107,000 after purchasing an additional 1,441 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Ericsson in the first quarter worth approximately $126,000. Hennessy Advisors Inc. boosted its stake in shares of Ericsson by 10.3% during the 4th quarter. Hennessy Advisors Inc. now owns 16,324 shares of the communications equipment provider’s stock worth $158,000 after acquiring an additional 1,518 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in shares of Ericsson by 57.6% during the 3rd quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider’s stock worth $267,000 after acquiring an additional 11,792 shares during the last quarter. Hedge funds and other institutional investors 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.