Ericsson (ERIC) Short Interest Update
Ericsson (NASDAQ:ERIC) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 24,055,810 shares, a decrease of 4.4% from the August 15th total of 25,168,532 shares. Based on an average daily volume of 2,416,578 shares, the short-interest ratio is currently 10.0 days.
A number of analysts recently weighed in on ERIC shares. Zacks Investment Research cut shares of Ericsson from a “hold” rating to a “sell” rating in a research report on Thursday, July 27th. Citigroup Inc. began coverage on shares of Ericsson in a research note on Thursday, June 8th. They issued a “buy” rating on the stock. BidaskClub lowered shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Societe Generale started coverage on shares of Ericsson in a research note on Wednesday, June 14th. They issued a “hold” rating on the stock. Finally, Danske lowered shares of Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 31st. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $5.95.
Several large investors have recently added to or reduced their stakes in ERIC. Two Sigma Securities LLC acquired a new position in shares of Ericsson in the first quarter valued at $106,000. Mackenzie Financial Corp acquired a new position in shares of Ericsson in the first quarter valued at $109,000. Quantum Capital Management acquired a new position in shares of Ericsson in the first quarter valued at $112,000. GenTrust LLC acquired a new position in shares of Ericsson in the second quarter valued at $120,000. Finally, Boyd Watterson Asset Management LLC OH increased its holdings in shares of Ericsson by 1.0% in the second quarter. Boyd Watterson Asset Management LLC OH now owns 18,092 shares of the communications equipment provider’s stock valued at $130,000 after purchasing an additional 174 shares during the last quarter. Hedge funds and other institutional investors own 7.95% of the company’s stock.
Shares of Ericsson (NASDAQ ERIC) opened at 5.68 on Wednesday. Ericsson has a 52-week low of $4.83 and a 52-week high of $7.47. The firm’s market capitalization is $18.61 billion. The firm has a 50-day moving average of $5.95 and a 200 day moving average of $6.54.
Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 company had revenue of $49.90 billion during the quarter, compared to analyst estimates of $50.66 billion. During the same quarter in the prior year, the firm earned $0.83 earnings per share. Ericsson’s revenue for the quarter was down 7.8% on a year-over-year basis. Analysts predict that Ericsson will post $0.23 EPS 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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