Ericsson $ERIC Shares Sold by Ashton Thomas Private Wealth LLC

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 lowered its holdings in Ericsson (NASDAQ:ERIC - Free Report) by 49.0% during the first quarter, according to the company in its most recent filing with the SEC. 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 reporting period.

A number of other hedge funds have also made changes to their positions in ERIC. Northern Trust Corp increased its holdings in shares of Ericsson by 41.4% in 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 acquiring an additional 519,029 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Ericsson in the 4th quarter valued at about $273,000. Cetera Investment Advisers lifted its holdings in shares of Ericsson by 157.8% in the 4th quarter. Cetera Investment Advisers now owns 93,134 shares of the communications equipment provider's stock valued at $751,000 after purchasing an additional 57,003 shares during the last quarter. Graham Capital Management L.P. lifted its holdings in shares of Ericsson by 633.3% in the 4th quarter. Graham Capital Management L.P. now owns 171,916 shares of the communications equipment provider's stock valued at $1,386,000 after purchasing an additional 148,473 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ericsson by 11.6% during the fourth 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 buying an additional 131,383 shares during the period. Hedge funds and other institutional investors own 7.99% of the company's stock.

Analyst Upgrades and Downgrades

ERIC has been the subject of a number of 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 analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $9.80.

Ericsson Price Performance

Shares of NASDAQ:ERIC traded down $0.13 on Friday, reaching $7.92. 11,747,386 shares of the company were exchanged, compared to its average volume of 8,712,719. The company has a 50-day moving average of $7.71 and a 200-day moving average of $8.03. The firm has a market cap of $26.52 billion, a price-to-earnings ratio of 15.84, a price-to-earnings-growth ratio of 12.88 and a beta of 0.87. The company has a current ratio of 1.09, a quick ratio of 0.86 and a debt-to-equity ratio of 0.35. Ericsson has a 1-year low of $6.64 and a 1-year high of $8.99.

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

Ericsson 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.