Ericsson (NASDAQ:ERIC) was the recipient 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 days-to-cover ratio is currently 2.6 days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Folketrygdfondet boosted its stake in Ericsson by 26.8% in the 2nd quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock valued at $60,461,000 after purchasing an additional 1,780,000 shares during the period. Credit Suisse AG boosted its stake in Ericsson by 912.8% in the 1st quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock valued at $30,161,000 after purchasing an additional 4,093,879 shares during the period. Parametric Portfolio Associates LLC boosted its stake in Ericsson by 1.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,167,532 shares of the communications equipment provider’s stock valued at $22,711,000 after purchasing an additional 54,557 shares during the period. Sei Investments Co. boosted its stake in Ericsson by 215.4% in the 2nd quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock valued at $21,412,000 after purchasing an additional 2,039,348 shares during the period. Finally, Northern Trust Corp boosted its stake in Ericsson by 1.5% in the 2nd quarter. Northern Trust Corp now owns 2,772,399 shares of the communications equipment provider’s stock valued at $19,878,000 after purchasing an additional 41,831 shares during the period. Institutional investors and hedge funds own 7.95% of the company’s stock.

A number of research analysts have recently commented on ERIC shares. Zacks Investment Research lowered Ericsson from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. BNP Paribas upgraded Ericsson from a “neutral” rating to an “outperform” rating in a report on Thursday, September 21st. Danske lowered Ericsson from a “buy” rating to a “hold” rating in a report on Thursday, August 31st. BidaskClub lowered Ericsson from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 27th. Finally, Canaccord Genuity reiterated a “neutral – hold” rating and set a $7.00 price target on shares of Ericsson in a report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $5.18.

Ericsson (NASDAQ ERIC) opened at 5.95 on Friday. The firm’s market capitalization is $19.49 billion. The company has a 50 day moving average price of $5.75 and a 200-day moving average price of $6.43. Ericsson has a 52 week low of $4.83 and a 52 week high of $7.47.

Ericsson (NASDAQ:ERIC) last released its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.03). The firm had revenue of $49.90 billion during the quarter, compared to the consensus estimate of $50.66 billion. Ericsson had a negative net margin of 6.40% and a negative return on equity of 3.16%. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.83 earnings per share. Equities analysts predict that Ericsson will post $0.07 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: “Ericsson (ERIC) Short Interest Update” was first posted by TheOlympiaReport and is owned by of TheOlympiaReport. If you are reading this story on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The original version of this story can be read at https://theolympiareport.com/2017/10/15/ericsson-eric-short-interest-update.html.

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.

Receive News & Ratings for Ericsson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ericsson and related companies with Analyst Ratings Network's FREE daily email newsletter.