Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Hits New 52-Week High at $7.48

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $7.48 and last traded at $7.44, with a volume of 4140163 shares traded. The stock had previously closed at $7.41.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. raised 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 analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

The company has a current ratio of 1.14, a quick ratio of 0.90 and a debt-to-equity ratio of 0.39. The firm has a market cap of $24.76 billion, a P/E ratio of -7.51 and a beta of 0.84. The company has a fifty day moving average price of $6.65 and a two-hundred day moving average price of $5.91.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Get Free Report) last released its quarterly earnings data on Friday, July 12th. The communications equipment provider reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.29 billion. Telefonaktiebolaget LM Ericsson (publ) had a negative net margin of 14.13% and a positive return on equity of 11.39%. Equities analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.35 earnings per share for the current year.

Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Several institutional investors have recently bought and sold shares of ERIC. GAMMA Investing LLC lifted its stake in Telefonaktiebolaget LM Ericsson (publ) by 131.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider's stock valued at $34,000 after acquiring an additional 3,101 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Telefonaktiebolaget LM Ericsson (publ) during the 1st quarter worth approximately $36,000. BOKF NA acquired a new position in shares of Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter worth approximately $41,000. NBC Securities Inc. increased its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 258.1% during the 1st quarter. NBC Securities Inc. now owns 10,744 shares of the communications equipment provider's stock worth $59,000 after purchasing an additional 7,744 shares during the last quarter. Finally, Lake Street Advisors Group LLC acquired a new position in shares of Telefonaktiebolaget LM Ericsson (publ) during the 4th quarter worth approximately $64,000. Institutional investors own 7.99% of the company's stock.

Telefonaktiebolaget LM Ericsson (publ) 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.