Ashton Thomas Private Wealth LLC Has $1.50 Million Position in Ericsson $ERIC

Key Points

• Ashton Thomas Private Wealth LLC reduced its stake in Ericsson (NASDAQ:ERIC) by 49.0%, selling 182,265 shares in the first quarter, resulting in holdings valued at $1.5 million.
• Several institutional investors, including Caitong International Asset Management with a 692.4% increase in their stake, have recently initiated or expanded positions in Ericsson.
• Ericsson's stock has received a mixed bag of ratings, with BNP Paribas rating it as "underperform", while Wall Street Zen upgraded it to "strong-buy", reflecting divergent opinions among analysts.

Ashton Thomas Private Wealth LLC decreased its stake in shares of Ericsson (NASDAQ:ERIC - Free Report) by 49.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 189,713 shares of the communications equipment provider's stock after selling 182,265 shares during the quarter. Ashton Thomas Private Wealth LLC's holdings in Ericsson were worth $1,499,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in ERIC. Northern Trust Corp boosted its stake 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 worth $14,277,000 after acquiring an additional 519,029 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Ericsson during the 4th quarter worth approximately $273,000. Cetera Investment Advisers boosted its stake in shares of Ericsson by 157.8% during the 4th quarter. Cetera Investment Advisers now owns 93,134 shares of the communications equipment provider's stock worth $751,000 after acquiring an additional 57,003 shares during the period. Graham Capital Management L.P. boosted its stake in shares of Ericsson by 633.3% during the 4th quarter. Graham Capital Management L.P. now owns 171,916 shares of the communications equipment provider's stock worth $1,386,000 after acquiring an additional 148,473 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Ericsson by 11.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,261,037 shares of the communications equipment provider's stock worth $10,164,000 after acquiring an additional 131,383 shares during the period. 7.99% of the stock is currently owned by institutional investors.

Ericsson Price Performance

Shares of Ericsson stock traded up $0.02 during trading on Monday, reaching $7.94. 3,827,630 shares of the company's stock were exchanged, compared to its average volume of 19,861,594. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.86 and a current ratio of 1.09. Ericsson has a 1-year low of $6.64 and a 1-year high of $8.99. The company has a market cap of $26.57 billion, a P/E ratio of 15.87, a PEG ratio of 12.68 and a beta of 0.87. The firm's 50-day moving average price is $7.71 and its 200 day moving average price is $8.03.

Ericsson (NASDAQ:ERIC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The communications equipment provider reported $0.14 EPS for the quarter, topping analysts' consensus estimates of $0.12 by $0.02. Ericsson had a return on equity of 21.17% and a net margin of 7.06%.The company had revenue of $5.84 billion during the quarter, compared to analysts' expectations of $60.54 billion. During the same quarter in the previous year, the firm earned ($3.34) EPS. Ericsson's revenue was down 6.2% on a year-over-year basis. As a group, research analysts anticipate that Ericsson will post 0.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

ERIC has been the subject of several recent research reports. Wall Street Zen upgraded Ericsson from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 5th. BNP Paribas restated an "underperform" rating on shares of Ericsson in a research note on Wednesday, September 3rd. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Reduce" and a consensus price target of $9.80.

Ericsson 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.