Ericsson (ERIC) Short Interest Up 25.6% in September
Ericsson (NASDAQ:ERIC) was the target of a significant growth in short interest in the month of September. As of September 29th, there was short interest totalling 27,900,979 shares, a growth of 25.6% from the September 15th total of 22,215,786 shares. Based on an average daily volume of 10,788,053 shares, the short-interest ratio is currently 2.6 days.
A number of research firms recently weighed in on ERIC. Zacks Investment Research downgraded Ericsson from a “hold” rating to a “strong sell” rating in a report on Friday, October 6th. Credit Suisse Group downgraded Ericsson from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $6.00 to $4.65 in a report on Tuesday, October 3rd. Canaccord Genuity decreased their price objective on Ericsson from $6.00 to $5.25 and set a “hold” rating for the company in a report on Friday, September 22nd. BNP Paribas upgraded Ericsson from a “neutral” rating to an “outperform” rating in a report on Thursday, September 21st. Finally, Danske downgraded Ericsson from a “buy” rating to a “hold” rating in a report on Thursday, August 31st. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $5.54.
Several hedge funds have recently added to or reduced their stakes in the business. Eqis Capital Management Inc. increased its position in shares of Ericsson by 584.8% in the third quarter. Eqis Capital Management Inc. now owns 79,624 shares of the communications equipment provider’s stock valued at $458,000 after acquiring an additional 67,996 shares during the period. OLD Mission Capital LLC purchased a new position in shares of Ericsson in the second quarter valued at about $6,213,000. The Manufacturers Life Insurance Company increased its position in shares of Ericsson by 15.1% in the second quarter. The Manufacturers Life Insurance Company now owns 43,775 shares of the communications equipment provider’s stock valued at $314,000 after acquiring an additional 5,746 shares during the period. Ulysses Management LLC purchased a new position in shares of Ericsson in the second quarter valued at about $7,170,000. Finally, First Allied Advisory Services Inc. increased its position in shares of Ericsson by 14.1% in the second quarter. First Allied Advisory Services Inc. now owns 24,841 shares of the communications equipment provider’s stock valued at $176,000 after acquiring an additional 3,064 shares during the period. Hedge funds and other institutional investors own 7.95% of the company’s stock.
Shares of Ericsson (NASDAQ ERIC) opened at 5.76 on Thursday. The firm’s 50-day moving average is $5.76 and its 200-day moving average is $6.44. Ericsson has a 12 month low of $4.83 and a 12 month high of $7.47. The company’s market cap is $18.87 billion.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. The firm had revenue of $49.90 billion during the quarter, compared to analysts’ expectations of $50.66 billion. During the same quarter in the previous year, the firm posted $0.83 EPS. Ericsson’s revenue was down 7.8% compared to the same quarter last year. On average, equities research analysts predict that Ericsson will post $0.07 earnings per share for the current year.
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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