Ericsson (ERIC) Short Interest Down 12.7% in September
Ericsson (NASDAQ:ERIC) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totalling 16,314,654 shares, a decrease of 12.7% from the August 31st total of 18,677,446 shares. Based on an average daily trading volume, of 4,343,954 shares, the short-interest ratio is presently 3.8 days. Approximately 0.5% of the shares of the stock are sold short.
A number of brokerages have recently weighed in on ERIC. BMO Capital Markets restated a “hold” rating and set a $7.00 price objective on shares of Ericsson in a research report on Monday, July 25th. Zacks Investment Research upgraded Ericsson from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Vetr upgraded Ericsson from a “hold” rating to a “buy” rating and set a $7.69 price objective for the company in a research report on Monday, June 13th. Goldman Sachs Group Inc. upgraded Ericsson from a “sell” rating to a “neutral” rating in a research report on Tuesday, June 21st. Finally, Canaccord Genuity cut their price objective on Ericsson from $8.50 to $7.00 and set a “hold” rating for the company in a research report on Wednesday, July 20th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $8.49.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ERIC. Cambiar Investors LLC increased its position in Ericsson by 10.7% in the second quarter. Cambiar Investors LLC now owns 18,024,576 shares of the company’s stock valued at $138,429,000 after buying an additional 1,746,391 shares during the period. Telemus Capital LLC boosted its stake in shares of Ericsson by 16.9% in the second quarter. Telemus Capital LLC now owns 25,113 shares of the company’s stock valued at $193,000 after buying an additional 3,636 shares in the last quarter. Princeton Alpha Management LP acquired a new stake in shares of Ericsson during the second quarter valued at about $425,000. Fox Run Management L.L.C. acquired a new stake in shares of Ericsson during the second quarter valued at about $190,000. Finally, Bessemer Group Inc. boosted its stake in shares of Ericsson by 48.5% in the first quarter. Bessemer Group Inc. now owns 52,008 shares of the company’s stock valued at $522,000 after buying an additional 16,985 shares in the last quarter. Hedge funds and other institutional investors own 7.29% of the company’s stock.
Shares of Ericsson (NASDAQ:ERIC) opened at 7.21 on Friday. The company has a market cap of $23.52 billion, a P/E ratio of 14.80 and a beta of 1.01. Ericsson has a 1-year low of $6.68 and a 1-year high of $10.58. The stock’s 50 day moving average is $7.09 and its 200 day moving average is $7.90.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings results on Tuesday, July 19th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. On average, analysts predict that Ericsson will post $0.51 earnings per share for the current year.
Telefonaktiebolaget LM Ericsson is a Sweden-based telecommunications operator. The Company offers hardware, software and services that drive development in mobility, broadband and the cloud, creating ecosystems across various industries. Ericsson’s core businesses are Radio, Core and Transmission, and Telecom Services.
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