Boothbay Fund Management LLC Sells 663,815 Shares of Ericsson $ERIC

Key Points

• Boothbay Fund Management LLC reduced its holdings in Ericsson by 29.4%, selling 663,815 shares, bringing its total ownership to 1,593,644 shares valued at approximately $12.37 million.
• Analysts have recently downgraded Ericsson's rating from "strong-buy" to "buy," with a current consensus target price of $9.80.
• Ericsson reported an earnings per share (EPS) of $0.14 for the last quarter, exceeding expectations, despite a 6.2% decline in revenue year-over-year.

Boothbay Fund Management LLC reduced its position in shares of Ericsson (NASDAQ:ERIC - Free Report) by 29.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,593,644 shares of the communications equipment provider's stock after selling 663,815 shares during the period. Boothbay Fund Management LLC's holdings in Ericsson were worth $12,367,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Ethic Inc. increased its stake in Ericsson by 0.4% in the 1st quarter. Ethic Inc. now owns 274,612 shares of the communications equipment provider's stock worth $2,139,000 after acquiring an additional 1,198 shares during the last quarter. Compound Planning Inc. boosted its position in shares of Ericsson by 3.2% during the 1st quarter. Compound Planning Inc. now owns 41,540 shares of the communications equipment provider's stock valued at $322,000 after acquiring an additional 1,288 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Ericsson by 0.9% during the first quarter. SG Americas Securities LLC now owns 158,085 shares of the communications equipment provider's stock worth $1,227,000 after purchasing an additional 1,339 shares in the last quarter. Schechter Investment Advisors LLC increased its position in shares of Ericsson by 9.5% in the first quarter. Schechter Investment Advisors LLC now owns 18,476 shares of the communications equipment provider's stock worth $143,000 after purchasing an additional 1,609 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Ericsson by 7.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 25,231 shares of the communications equipment provider's stock worth $196,000 after purchasing an additional 1,713 shares during the last quarter. Institutional investors own 7.99% of the company's stock.

Ericsson Price Performance

NASDAQ:ERIC traded down $0.11 during mid-day trading on Monday, reaching $7.90. The stock had a trading volume of 10,901,260 shares, compared to its average volume of 20,159,957. The stock has a market capitalization of $26.45 billion, a P/E ratio of 15.80, a P/E/G ratio of 12.82 and a beta of 0.87. The firm has a 50 day moving average price of $7.76 and a two-hundred day moving average price of $8.04. 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 one year low of $6.64 and a one year high of $8.99.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on ERIC shares. BNP Paribas reiterated an "underperform" rating on shares of Ericsson in a research report on Wednesday, September 3rd. Wall Street Zen upgraded shares of Ericsson from a "buy" rating to a "strong-buy" rating in a research report on Friday. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $9.80.

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.