Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Hits New 52-Week High – Time to Buy?

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $8.25 and last traded at $8.25, with a volume of 519080 shares trading hands. The stock had previously closed at $7.54.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the company a “neutral” rating in a research report on Monday, July 15th. StockNews.com cut shares of Telefonaktiebolaget LM Ericsson (publ) from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

The stock’s 50 day moving average price is $7.32 and its 200 day moving average price is $6.38. 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 company has a market capitalization of $27.63 billion, a price-to-earnings ratio of -8.37 and a beta of 0.83.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last posted its quarterly earnings data 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). Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 11.39% and a negative net margin of 14.13%. The business had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.29 billion. Analysts expect that Telefonaktiebolaget LM Ericsson will post 0.41 earnings per share for the current year.

Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of 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 purchasing an additional 3,101 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the 1st quarter valued at about $36,000. BOKF NA bought a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) in the 2nd quarter valued at about $41,000. Hexagon Capital Partners LLC raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 225.5% in the 3rd quarter. Hexagon Capital Partners LLC now owns 5,664 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 3,924 shares during the period. Finally, NBC Securities Inc. raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 258.1% in the 1st quarter. NBC Securities Inc. now owns 10,744 shares of the communications equipment provider’s stock valued at $59,000 after purchasing an additional 7,744 shares during the period. 7.99% of the stock is owned by 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.