FNY Investment Advisers LLC Purchases 525,000 Shares of Ericsson $ERIC

Key Points

• FNY Investment Advisers LLC significantly increased its holdings in Ericsson by purchasing an additional 525,000 shares, bringing its total ownership to 575,000 shares, valued at approximately $4.88 million.
• Ericsson reported earnings per share (EPS) of $0.16 for its recent quarter, exceeding expectations, although its revenue of $5.91 billion represented a 9% decline year-over-year.
• Wall Street analysts have mixed opinions on Ericsson, with a consensus rating of "Reduce" and a price target of $9.80 on the stock amidst recent downgrades by several research firms.

FNY Investment Advisers LLC grew its holdings in Ericsson (NASDAQ:ERIC - Free Report) by 1,050.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 575,000 shares of the communications equipment provider's stock after purchasing an additional 525,000 shares during the period. Ericsson makes up 2.1% of FNY Investment Advisers LLC's portfolio, making the stock its 3rd biggest position. FNY Investment Advisers LLC's holdings in Ericsson were worth $4,876,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Federated Hermes Inc. purchased a new stake in shares of Ericsson in the first quarter valued at $27,000. Pinnacle Bancorp Inc. acquired a new position in shares of Ericsson in the first quarter worth $31,000. Cromwell Holdings LLC increased its stake in shares of Ericsson by 72.8% in the second quarter. Cromwell Holdings LLC now owns 10,276 shares of the communications equipment provider's stock worth $87,000 after acquiring an additional 4,330 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of Ericsson by 692.4% in the first quarter. Caitong International Asset Management Co. Ltd now owns 12,456 shares of the communications equipment provider's stock worth $97,000 after acquiring an additional 10,884 shares during the last quarter. Finally, Caliber Wealth Management LLC KS acquired a new position in shares of Ericsson in the first quarter worth $110,000. Hedge funds and other institutional investors own 7.99% of the company's stock.

Ericsson Trading Up 0.8%

Shares of NASDAQ:ERIC opened at $9.58 on Wednesday. The stock has a market capitalization of $32.08 billion, a PE ratio of 12.95, a P/E/G ratio of 1.59 and a beta of 0.87. Ericsson has a 1 year low of $6.64 and a 1 year high of $9.87. The firm has a fifty day moving average price of $8.21 and a 200 day moving average price of $8.11. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 0.29.

Ericsson (NASDAQ:ERIC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 14th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. The firm had revenue of $5.91 billion during the quarter, compared to analysts' expectations of $57.16 billion. Ericsson had a net margin of 10.44% and a return on equity of 21.50%. Ericsson's revenue for the quarter was down 9.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.14 earnings per share. Analysts expect that Ericsson will post 0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ERIC. Jefferies Financial Group raised shares of Ericsson to a "hold" rating in a research note on Monday, October 13th. Wall Street Zen downgraded shares of Ericsson from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Ericsson in a research note on Wednesday, October 8th. Barclays reaffirmed an "underweight" rating on shares of Ericsson in a research note on Wednesday, October 15th. Finally, BNP Paribas reaffirmed an "underperform" rating on shares of Ericsson in a research note on Wednesday, September 3rd. Six research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus 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.

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