Sat Sep 21 11:27:11 UTC 2024: ## Renaissance Technologies Cuts Stake in Ericsson, Other Investors Make Moves

**New York, NY -** Renaissance Technologies LLC, the renowned quantitative hedge fund, trimmed its stake in Swedish telecommunications giant Telefonaktiebolaget LM Ericsson (publ) (NASDAQ: ERIC) by 62.1% in the second quarter, according to its recent 13F filing. The firm now owns 3,666,700 shares, valued at $22,624,000, after selling off 6,011,900 shares.

This move comes amidst a mixed bag of activity from other institutional investors. GAMMA Investing LLC significantly boosted its stake in Ericsson by 131.2%, while Allspring Global Investments Holdings LLC and BOKF NA took new positions in the company. NBC Securities Inc. also increased its holdings, while Lake Street Advisors Group LLC acquired a new stake.

Ericsson shares opened at $7.57 on Friday, with the company boasting a market capitalization of $25.23 billion. The stock has seen a 52-week low of $4.33 and a high of $7.65.

Meanwhile, JPMorgan Chase & Co. has maintained a “neutral” rating on Ericsson, but raised their target price from $5.58 to $5.90. The stock currently holds an average “Hold” rating with a consensus price target of $5.90, according to MarketBeat.com.

Telefonaktiebolaget LM Ericsson (publ) provides mobile connectivity solutions to telecom operators and enterprise customers globally, operating in segments including Networks, Cloud Software and Services, Enterprise, and Other.

This recent activity from institutional investors, combined with the analyst ratings, indicates a mixed outlook for Ericsson. While some investors see potential in the company, others are taking a cautious approach, suggesting a period of uncertainty for the Swedish telecommunications giant.

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