Ericsson (ERIC) Sees Significant Decline in Short Interest
Ericsson (NASDAQ:ERIC) was the target of a large drop in short interest in August. As of August 15th, there was short interest totalling 25,168,532 shares, a drop of 12.0% from the July 31st total of 28,592,372 shares. Based on an average trading volume of 2,700,421 shares, the days-to-cover ratio is presently 9.3 days.
Shares of Ericsson (NASDAQ:ERIC) opened at 5.93 on Friday. Ericsson has a 52 week low of $4.83 and a 52 week high of $7.47.
Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.05 by $0.03. The company had revenue of $49.90 billion for the quarter, compared to analysts’ expectations of $50.66 billion. Ericsson had a negative return on equity of 3.16% and a negative net margin of 6.40%. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 EPS. On average, equities analysts expect that Ericsson will post $0.23 EPS for the current year.
Several equities analysts have commented on the stock. Zacks Investment Research cut shares of Ericsson from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Citigroup Inc. assumed coverage on shares of Ericsson in a research report on Thursday, June 8th. They set a “buy” rating on the stock. BidaskClub cut shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Societe Generale assumed coverage on shares of Ericsson in a research report on Wednesday, June 14th. They set a “hold” rating on the stock. Finally, Cowen and Company reissued a “market perform” rating and set a $3.00 target price (down previously from $4.00) on shares of Ericsson in a research report on Saturday, April 29th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $5.95.
A number of hedge funds have recently added to or reduced their stakes in the company. Credit Suisse AG increased its stake in Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after buying an additional 4,093,879 shares in the last quarter. Aperio Group LLC boosted its stake in shares of Ericsson by 5.9% in the second quarter. Aperio Group LLC now owns 1,142,005 shares of the communications equipment provider’s stock valued at $8,188,000 after buying an additional 63,960 shares during the last quarter. Koch Industries Inc. acquired a new stake in shares of Ericsson during the first quarter valued at approximately $247,000. Mackenzie Financial Corp acquired a new stake in shares of Ericsson during the first quarter valued at approximately $109,000. Finally, Greenleaf Trust boosted its stake in shares of Ericsson by 2.6% in the second quarter. Greenleaf Trust now owns 31,146 shares of the communications equipment provider’s stock valued at $223,000 after buying an additional 797 shares during the last quarter. 8.04% of the stock is currently owned by institutional investors.
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Telefonaktiebolaget LM Ericsson (Ericsson) provides infrastructure, services and software to the telecommunication industry and other sectors. The Company’s segments include Networks, IT & Cloud and Media. The Networks segment consists of two business units: Network Products and Network Services. The overall focus is on evolving and managing access networks, including the development of hardware and software for radio access and transport networks.
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