ERIC (Telefonaktiebolaget LM Ericsson (publ)) may reap gains as insiders became active recently

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Following these proceedings, Goldman downgraded its Telefonaktiebolaget LM Ericsson (publ) [ERIC] rating to a Sell from a a Neutral in a research note published on Tuesday, January 24, 2023; the price target was decreased to $4.90 from $6.60. PT values the company’s stock at a premium of -16.94 to its Tuesday closing price. A number of analysts have revised their coverage, including Exane BNP Paribas’s analysts, who decreased its forecast for the stock in early January from “an Outperform” to “a Neutral”. Morgan Stanley began covering ERIC with “an Equal-weight” recommendation on November 08, 2022. Goldman revised its rating on October 24, 2022. It rated ERIC as “a Neutral” which previously was an “a Buy”.

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Price Performance Review of ERIC

On Tuesday, Telefonaktiebolaget LM Ericsson (publ) [NASDAQ:ERIC] saw its stock fall -1.88% to $5.73. On the same session, the stock had its day’s lowest price of $5.71, but rose to a high of $5.795. Over the last five days, the stock has lost -5.45%. Telefonaktiebolaget LM Ericsson (publ) shares have fallen nearly -1.88% since the year began. Nevertheless, the stocks have fallen -47.96% over the past one year. While a 52-week high of $12.78 was reached on 01/12/23, a 52-week low of $5.16 was recorded on 01/20/23. SMA at 50 days reached $6.10, while 200 days put it at $6.98. A total of 15.18 million shares were traded, compared to the trading of 26.36 million shares in the previous session.

Levels Of Support And Resistance For ERIC Stock

The 24-hour chart illustrates a support level at 5.70, which if violated will result in even more drops to 5.66. On the upside, there is a resistance level at 5.78. A further resistance level may holdings at 5.83. The Relative Strength Index (RSI) on the 14-day chart is 41.48, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.24, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 75.27%. Stochastics %K at 26.88% indicates the stock is a holding.

How much short interest is there in Telefonaktiebolaget LM Ericsson (publ)?

A steep rise in short interest was recorded in Telefonaktiebolaget LM Ericsson (publ) stocks on Oct 13, 2022, dropping by -0.75 million shares to a total of 5.43 million shares. Yahoo Finance data shows the prior-month short interest on Sep 14, 2022 was 6.18 million shares. There was a decline of -13.81%, which implies that there is a negative sentiment for the stock.

Telefonaktiebolaget LM Ericsson (publ) [ERIC] – Who Are The Largest Shareholders?

In filings from PRIMECAP Management Co., it is revealed that the company now owns 82,414,721 shares, or roughly 2.68% of the outstanding ERIC shares. In other words, the investor’s shares have fallen by -6,936,556 from its previous 13-F filing of 89351277.0. Additionally, Hotchkis & Wiley Capital Manageme increased 6.81% of its stake after which the total value it holdings stand at $243,793,428, while SRB Corp. added 22.94% of its stake to hold $106.17 million in the firm. Over the last quarter, Insight North America LLC purchased 3,392,270 shares of Telefonaktiebolaget LM Ericsson (publ), while Folketrygdfondet bought 2,499,017 shares. At present, Columbia Management Investment Ad is holding 10,483,356 shares valued at $61.22 million. Arrowstreet Capital LP owned 9,474,023 shares of the company at the time of its most recent 13F filing, worth $55.33 million.

According to FactSet, Telefonaktiebolaget LM Ericsson (publ)’s share price will average $7.15 in the next year, based on opinions of analysts polled by the firm. This is up nearly 24.66 percent from its previous closing price of $5.84. Analysts expect Telefonaktiebolaget LM Ericsson (publ) stock to reach the higher price of $10.28, while the lowest price estimate is $4.85. However, 30 analysts have rated ERIC stock as a Hold in their predictions for 2023. The most recent change occurred on October 13, 2022 when Barclays began covering the stock and recommended ‘”an Overweight”‘ rating.

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