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Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model. NEW YORK ( TheStreet) -- Ericsson Telephone Company (Nasdaq: ERIC) hit a new 52-week high Tuesday as it is currently trading at $12.89, above its previous 52-week high of $12.70 with 1.1 million shares traded as of 10:06 a.m. ET. Average volume has been 4.7 million shares over the past 30 days. Ericsson Telephone has a market cap of $39.54 billion and is part of the technology sector and telecommunications industry. Shares are up 23.7% year to date as of the close of trading on Monday. Ericsson provides communications equipment, professional services, and multimedia solutions to mobile and fixed networks operators worldwide. The company has a P/E ratio of 15.8, below the S&P 500 P/E ratio of 17.7.