Ericsson (NASDAQ:ERIC) Downgraded to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Ericsson from a "strong-buy" to a "buy" rating in a note to investors.
• Analyst coverage totals 1 Buy, 7 Hold and 2 Sell, with a MarketBeat consensus of "Reduce" and an average price target of $11.00.
• ERIC opened at $11.88 and is trading near its 12‑month high of $12.11, with a market cap of $40.05 billion and a P/E of 13.5.

Ericsson (NASDAQ:ERIC - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

ERIC has been the topic of several other research reports. Citigroup reaffirmed a "neutral" rating on shares of Ericsson in a research note on Friday, January 16th. Argus upgraded Ericsson to a "hold" rating in a report on Monday, January 26th. Morgan Stanley assumed coverage on shares of Ericsson in a research report on Monday, February 9th. They set an "equal weight" rating and a $11.00 price target on the stock. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Ericsson in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $11.00.

Ericsson Trading Down 0.2%

ERIC stock opened at $11.88 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.08 and a debt-to-equity ratio of 0.26. Ericsson has a 12-month low of $7.05 and a 12-month high of $12.11. The stock has a market cap of $40.05 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 2.08 and a beta of 0.91. The business's 50-day moving average is $11.35 and its 200 day moving average is $10.13.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. AQR Capital Management LLC lifted its stake in Ericsson by 7.5% during the first quarter. AQR Capital Management LLC now owns 134,891 shares of the communications equipment provider's stock worth $1,049,000 after purchasing an additional 9,362 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Ericsson during the first quarter worth about $126,000. Geode Capital Management LLC lifted its position in shares of Ericsson by 0.7% during the second quarter. Geode Capital Management LLC now owns 250,389 shares of the communications equipment provider's stock worth $2,123,000 after purchasing an additional 1,658 shares in the last quarter. Marshall Wace LLP acquired a new stake in shares of Ericsson during the second quarter worth about $2,735,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Ericsson by 42.9% during the second quarter. BNP Paribas Financial Markets now owns 3,350,029 shares of the communications equipment provider's stock worth $28,408,000 after purchasing an additional 1,005,398 shares in the last quarter. Institutional investors and hedge funds 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.

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