Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sees Unusually-High Trading Volume – Here’s Why

Shares of Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) saw strong trading volume on Tuesday . 32,022,364 shares changed hands during mid-day trading, an increase of 91% from the previous session’s volume of 16,742,832 shares.The stock last traded at $8.35 and had previously closed at $8.06.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. StockNews.com upgraded Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their price target on Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the company a “neutral” rating in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Stock Up 0.2 %

The firm has a market cap of $26.68 billion, a price-to-earnings ratio of -266.33 and a beta of 0.81. The company has a current ratio of 1.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.39. The stock has a 50-day moving average of $7.94 and a 200-day moving average of $6.96.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, October 15th. The communications equipment provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 13.31% and a negative net margin of 0.47%. The business had revenue of $5.93 billion during the quarter, compared to analyst estimates of $5.73 billion. As a group, sell-side analysts forecast that Telefonaktiebolaget LM Ericsson will post 0.44 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in Telefonaktiebolaget LM Ericsson (publ) by 131.2% during the 2nd quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 3,101 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Telefonaktiebolaget LM Ericsson (publ) during the 1st quarter worth $36,000. BOKF NA acquired a new position in Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter worth $41,000. Hexagon Capital Partners LLC boosted its position in Telefonaktiebolaget LM Ericsson (publ) by 225.5% during the 3rd quarter. Hexagon Capital Partners LLC now owns 5,664 shares of the communications equipment provider’s stock worth $43,000 after acquiring an additional 3,924 shares during the period. Finally, Williams & Novak LLC acquired a new position in Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter worth $76,000. Institutional investors and hedge funds 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.