Ericsson (NASDAQ:ERIC) Sets New 1-Year High – Here’s Why

Ericsson (NASDAQ:ERIC) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.87 and last traded at $12.84, with a volume of 13818907 shares. The stock had previously closed at $12.50.

Analysts Set New Price Targets

Several equities analysts recently commented on ERIC shares. Wall Street Zen cut shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Argus upgraded shares of Ericsson to a “hold” rating in a research note on Monday, January 26th. Citigroup reiterated a “neutral” rating on shares of Ericsson in a research note on Tuesday, April 28th. Finally, Morgan Stanley started 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. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Ericsson currently has a consensus rating of “Reduce” and an average target price of $11.00.

Ericsson Stock Up 2.7%

The firm has a market cap of $43.28 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 2.01 and a beta of 0.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12. The business’s 50-day moving average is $11.65 and its 200-day moving average is $10.64.

Institutional Investors Weigh In On Ericsson

A number of hedge funds have recently added to or reduced their stakes in ERIC. Defiance ETFs LLC bought a new position in shares of Ericsson in the 4th quarter valued at about $13,766,000. ABC Arbitrage SA boosted its stake in shares of Ericsson by 36.7% in the 4th quarter. ABC Arbitrage SA now owns 4,389,009 shares of the communications equipment provider’s stock valued at $42,354,000 after purchasing an additional 1,179,194 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Ericsson by 42.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider’s stock valued at $28,408,000 after purchasing an additional 1,005,398 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Ericsson by 229.3% in the 4th quarter. Van ECK Associates Corp now owns 1,252,437 shares of the communications equipment provider’s stock valued at $12,086,000 after purchasing an additional 872,065 shares during the last quarter. Finally, Lazard Asset Management LLC boosted its stake in shares of Ericsson by 197.2% in the 2nd quarter. Lazard Asset Management LLC now owns 1,242,381 shares of the communications equipment provider’s stock valued at $10,534,000 after purchasing an additional 824,287 shares during the last quarter. Institutional investors own 7.99% of the company’s stock.

About Ericsson

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.