Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Shares Gap Down – Here’s Why

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) shares gapped down before the market opened on Wednesday . The stock had previously closed at $8.31, but opened at $8.05. Telefonaktiebolaget LM Ericsson (publ) shares last traded at $7.97, with a volume of 2,422,177 shares changing hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on ERIC shares. JPMorgan Chase & Co. lifted their price target on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the stock a “neutral” rating in a research report on Monday, October 21st. StockNews.com raised Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Stock Down 4.3 %

The stock has a market capitalization of $26.49 billion, a P/E ratio of -277.00 and a beta of 0.81. The firm’s 50-day simple moving average is $7.93 and its 200 day simple moving average is $6.96. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.95 and a current ratio of 1.19.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, October 15th. The communications equipment provider reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 0.47% and a positive return on equity of 13.31%. The company had revenue of $5.93 billion during the quarter, compared to the consensus estimate of $5.73 billion. As a group, research analysts expect that Telefonaktiebolaget LM Ericsson will post 0.44 EPS for the current year.

Hedge Funds Weigh In On Telefonaktiebolaget LM Ericsson (publ)

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ERIC. Mercer Global Advisors Inc. ADV raised its holdings in Telefonaktiebolaget LM Ericsson (publ) by 1.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 102,448 shares of the communications equipment provider’s stock valued at $632,000 after acquiring an additional 1,777 shares during the period. Profund Advisors LLC lifted its holdings in Telefonaktiebolaget LM Ericsson (publ) by 3.0% during the 2nd quarter. Profund Advisors LLC now owns 62,838 shares of the communications equipment provider’s stock worth $388,000 after purchasing an additional 1,823 shares during the last quarter. D.A. Davidson & CO. increased its position in Telefonaktiebolaget LM Ericsson (publ) by 5.7% during the third quarter. D.A. Davidson & CO. now owns 34,866 shares of the communications equipment provider’s stock worth $264,000 after acquiring an additional 1,866 shares during the period. Dynamic Advisor Solutions LLC raised its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 16.7% in the second quarter. Dynamic Advisor Solutions LLC now owns 14,133 shares of the communications equipment provider’s stock valued at $87,000 after buying an additional 2,024 shares in the last quarter. Finally, Pitcairn Co. lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 14.7% during the 3rd quarter. Pitcairn Co. now owns 17,806 shares of the communications equipment provider’s stock valued at $135,000 after acquiring an additional 2,279 shares during the period. 7.99% of the stock is owned by institutional investors.

Telefonaktiebolaget LM Ericsson (publ) 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.