Ericsson (NASDAQ:ERIC) Stock Price Down 5.8% - What's Next?

Ericsson (NASDAQ:ERIC - Get Free Report)'s stock price was down 5.8% on Tuesday . The stock traded as low as $7.39 and last traded at $7.39. Approximately 14,473,424 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 19,739,618 shares. The stock had previously closed at $7.84.

Wall Street Analysts Forecast Growth

ERIC has been the topic of a number of research reports. Wall Street Zen upgraded shares of Ericsson from a "buy" rating to a "strong-buy" rating in a report on Thursday, April 17th. JPMorgan Chase & Co. boosted their target price on shares of Ericsson from $8.90 to $9.80 and gave the company a "neutral" rating in a report on Friday, April 11th. Finally, Kepler Capital Markets raised Ericsson from a "strong sell" rating to a "hold" rating in a research report on Wednesday, April 16th.

Ericsson Price Performance

The company has a quick ratio of 0.88, a current ratio of 1.09 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $24.68 billion, a PE ratio of 147.40, a PEG ratio of 5.64 and a beta of 0.93. The firm's fifty day simple moving average is $8.42 and its 200-day simple moving average is $8.14.

Ericsson (NASDAQ:ERIC - Get Free Report) last issued its earnings results on Tuesday, April 15th. The communications equipment provider reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.03. Ericsson had a return on equity of 16.45% and a net margin of 0.67%. The business had revenue of $5.68 billion during the quarter, compared to analyst estimates of $55.83 billion. On average, research analysts forecast that Ericsson will post 0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ericsson

A number of hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its position in shares of Ericsson by 55.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,795,967 shares of the communications equipment provider's stock valued at $14,475,000 after purchasing an additional 638,393 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Ericsson by 7.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 25,231 shares of the communications equipment provider's stock valued at $196,000 after purchasing an additional 1,713 shares during the last quarter. Northern Trust Corp increased its position in shares of Ericsson by 41.4% during the 4th quarter. Northern Trust Corp now owns 1,771,321 shares of the communications equipment provider's stock valued at $14,277,000 after purchasing an additional 519,029 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Ericsson by 15.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 252,164 shares of the communications equipment provider's stock valued at $2,032,000 after purchasing an additional 32,982 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Ericsson by 7.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,966 shares of the communications equipment provider's stock valued at $419,000 after purchasing an additional 3,726 shares during the last quarter. Hedge funds and other institutional investors own 7.99% of the company's stock.

About Ericsson

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.