Short Interest in Ericsson (ERIC) Rises By 28.1%
Ericsson (NASDAQ:ERIC) saw a large growth in short interest during the month of October. As of October 13th, there was short interest totalling 35,745,061 shares, a growth of 28.1% from the September 29th total of 27,900,979 shares. Based on an average daily volume of 5,874,381 shares, the days-to-cover ratio is currently 6.1 days.
Several brokerages have recently commented on ERIC. BidaskClub lowered shares of Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. J P Morgan Chase & Co restated a “neutral” rating on shares of Ericsson in a report on Saturday, August 26th. Canaccord Genuity restated a “neutral – hold” rating and issued a $7.00 price objective on shares of Ericsson in a report on Friday, June 30th. BNP Paribas upgraded shares of Ericsson from a “neutral” rating to an “outperform” rating in a report on Thursday, September 21st. Finally, Zacks Investment Research lowered shares of Ericsson from a “hold” rating to a “strong sell” rating in a report on Friday, October 6th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. Ericsson currently has an average rating of “Hold” and a consensus price target of $5.34.
Shares of Ericsson (NASDAQ:ERIC) opened at 6.58 on Thursday. The firm’s 50-day moving average is $5.84 and its 200-day moving average is $6.41. The firm’s market capitalization is $21.56 billion. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.47.
Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Friday, October 20th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The business had revenue of $47.80 billion for the quarter, compared to analyst estimates of $47.21 billion. Ericsson had a negative net margin of 8.60% and a negative return on equity of 5.67%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.34 earnings per share. Equities research analysts forecast that Ericsson will post $0.04 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in ERIC. Morgan Stanley lifted its position in shares of Ericsson by 113.3% during the first quarter. Morgan Stanley now owns 210,410 shares of the communications equipment provider’s stock worth $1,397,000 after purchasing an additional 111,753 shares in the last quarter. Folketrygdfondet lifted its position in shares of Ericsson by 26.8% during the second quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock worth $60,461,000 after purchasing an additional 1,780,000 shares in the last quarter. Aperio Group LLC lifted its position in shares of Ericsson by 5.9% during the second quarter. Aperio Group LLC now owns 1,142,005 shares of the communications equipment provider’s stock worth $8,188,000 after purchasing an additional 63,960 shares in the last quarter. Greenleaf Trust lifted its position in shares of Ericsson by 2.6% during the second quarter. Greenleaf Trust now owns 31,146 shares of the communications equipment provider’s stock worth $223,000 after purchasing an additional 797 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of Ericsson by 21.5% during the first quarter. UBS Group AG now owns 185,218 shares of the communications equipment provider’s stock worth $1,230,000 after purchasing an additional 32,767 shares in the last quarter. 7.96% of the stock is currently owned by hedge funds and other institutional investors.
Ericsson Company Profile
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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