Ericsson (NASDAQ:ERIC) Sees Strong Trading Volume – Here’s Why

Shares of Ericsson (NASDAQ:ERIC) saw unusually-high trading volume on Tuesday . Approximately 21,634,859 shares were traded during trading, an increase of 98% from the previous session’s volume of 10,927,326 shares.The stock last traded at $9.9350 and had previously closed at $9.67.

Analyst Ratings Changes

ERIC has been the subject of a number of research analyst reports. Danske upgraded shares of Ericsson from a “hold” rating to a “buy” rating in a research report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Ericsson in a research note on Tuesday, June 2nd. Citigroup reiterated a “neutral” rating on shares of Ericsson in a report on Wednesday, July 15th. Finally, Wall Street Zen cut Ericsson from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.00.

Ericsson Trading Up 2.9%

The business’s fifty day moving average is $11.57 and its 200-day moving average is $11.34. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12. The firm has a market cap of $33.56 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.72 and a beta of 0.93.

Ericsson (NASDAQ:ERIC) last posted its earnings results on Tuesday, June 30th. The communications equipment provider reported $0.13 earnings per share for the quarter. The firm had revenue of $5.43 billion for the quarter. Ericsson had a net margin of 10.72% and a return on equity of 20.67%. Analysts predict that Ericsson will post 0.61 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ERIC. Public Employees Retirement System of Ohio grew its position in shares of Ericsson by 26.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 1,418,076 shares of the communications equipment provider’s stock valued at $15,982,000 after buying an additional 295,185 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Ericsson by 8.5% during the first quarter. Bank of New York Mellon Corp now owns 160,581 shares of the communications equipment provider’s stock worth $1,810,000 after acquiring an additional 12,534 shares during the last quarter. Advisors Preferred LLC bought a new position in shares of Ericsson during the first quarter worth about $493,000. Defiance ETFs LLC acquired a new position in shares of Ericsson in the fourth quarter worth approximately $13,766,000. Finally, Russell Investments Group Ltd. lifted its stake in shares of Ericsson by 19.1% in the fourth quarter. Russell Investments Group Ltd. now owns 1,903,298 shares of the communications equipment provider’s stock worth $18,603,000 after acquiring an additional 304,974 shares during the period. 7.99% of the stock is owned by institutional investors.

About Ericsson

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company’s core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.