Ericsson (ERIC) Short Interest Update
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.
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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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