Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sees Unusually-High Trading Volume – Here’s Why

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) saw unusually-high trading volume on Tuesday . Approximately 32,022,364 shares changed hands during trading, an increase of 91% from the previous session’s volume of 16,742,832 shares.The stock last traded at $8.35 and had previously closed at $8.06.

Wall Street Analyst Weigh In

ERIC has been the subject of a number of recent research reports. StockNews.com upgraded Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price objective on 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. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Stock Up 0.2 %

The firm has a market capitalization of $26.68 billion, a price-to-earnings ratio of -266.33 and a beta of 0.81. The company has a current ratio of 1.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.39. The firm has a 50 day moving average price of $7.94 and a two-hundred day moving average price of $6.96.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, October 15th. The communications equipment provider reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.02. The business had revenue of $5.93 billion for the quarter, compared to analyst estimates of $5.73 billion. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 13.31% and a negative net margin of 0.47%. On average, equities analysts expect that Telefonaktiebolaget LM Ericsson will post 0.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Several hedge funds have recently modified their holdings of ERIC. Allspring Global Investments Holdings LLC purchased a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the 1st quarter valued at about $36,000. O Shaughnessy Asset Management LLC raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 20.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 334,701 shares of the communications equipment provider’s stock valued at $1,844,000 after buying an additional 56,532 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 4.4% during the 1st quarter. Advisors Asset Management Inc. now owns 190,065 shares of the communications equipment provider’s stock valued at $1,047,000 after buying an additional 8,086 shares during the period. Earnest Partners LLC raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 26.9% during the 1st quarter. Earnest Partners LLC now owns 378,928 shares of the communications equipment provider’s stock valued at $2,088,000 after buying an additional 80,273 shares during the period. Finally, Tidal Investments LLC increased its holdings in Telefonaktiebolaget LM Ericsson (publ) by 102.3% during the 1st quarter. Tidal Investments LLC now owns 23,439 shares of the communications equipment provider’s stock worth $129,000 after purchasing an additional 11,850 shares during the last quarter. 7.99% of the stock is currently owned by hedge funds and other 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.