Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sets New 52-Week High at $7.68

Shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $7.68 and last traded at $7.66, with a volume of 7626204 shares traded. The stock had previously closed at $7.57.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lifted their target price on Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the stock a “neutral” rating in a report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. According to MarketBeat, Telefonaktiebolaget LM Ericsson (publ) presently has an average rating of “Hold” and an average price target of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Stock Up 2.0 %

The company has a quick ratio of 0.90, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $25.73 billion, a price-to-earnings ratio of -7.76 and a beta of 0.83. The business’s 50-day moving average is $7.06 and its 200-day moving average is $6.16.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last issued its earnings results on Friday, July 12th. The communications equipment provider reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 11.39% and a negative net margin of 14.13%. As a group, equities analysts predict that Telefonaktiebolaget LM Ericsson will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Several institutional investors have recently made changes to their positions in ERIC. Cavalry Management Group LLC raised its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 31.5% in the second quarter. Cavalry Management Group LLC now owns 114,383 shares of the communications equipment provider’s stock worth $706,000 after acquiring an additional 27,426 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter valued at approximately $81,000. Millennium Management LLC purchased a new stake in Telefonaktiebolaget LM Ericsson (publ) in the 2nd quarter worth $2,896,000. DigitalBridge Group Inc. raised its position in Telefonaktiebolaget LM Ericsson (publ) by 18.6% during the second quarter. DigitalBridge Group Inc. now owns 5,018,017 shares of the communications equipment provider’s stock worth $30,961,000 after acquiring an additional 785,261 shares during the period. Finally, AQR Capital Management LLC acquired a new position in Telefonaktiebolaget LM Ericsson (publ) during the second quarter worth $592,000. 7.99% of the stock is owned by hedge funds and other institutional investors.

About Telefonaktiebolaget LM Ericsson (publ)

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.