Telefonaktiebolaget LM Ericsson (ERIC) Sees Significant Decrease in Short Interest

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Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) was the recipient of a significant drop in short interest in the month of September. As of September 28th, there was short interest totalling 14,295,255 shares, a drop of 12.7% from the September 14th total of 16,382,440 shares. Based on an average daily volume of 2,990,215 shares, the short-interest ratio is presently 4.8 days.

NASDAQ ERIC opened at $8.23 on Friday. The company has a market cap of $29.34 billion, a PE ratio of -17.51 and a beta of 0.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.50 and a quick ratio of 1.22. Telefonaktiebolaget LM Ericsson has a 1-year low of $5.84 and a 1-year high of $9.11.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Wednesday, July 18th. The communications equipment provider reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.03). The firm had revenue of $49.80 billion for the quarter, compared to analyst estimates of $48.09 billion. Telefonaktiebolaget LM Ericsson had a negative return on equity of 5.62% and a negative net margin of 13.14%. The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 EPS. Equities analysts predict that Telefonaktiebolaget LM Ericsson will post 0.19 earnings per share for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of ERIC. Northern Trust Corp increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 1.0% during the first quarter. Northern Trust Corp now owns 2,745,018 shares of the communications equipment provider’s stock worth $17,568,000 after buying an additional 27,268 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 42,991.8% in the first quarter. JPMorgan Chase & Co. now owns 501,158 shares of the communications equipment provider’s stock valued at $3,208,000 after purchasing an additional 499,995 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 37.4% in the first quarter. PNC Financial Services Group Inc. now owns 55,269 shares of the communications equipment provider’s stock valued at $354,000 after purchasing an additional 15,033 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Telefonaktiebolaget LM Ericsson by 7.2% in the first quarter. Stifel Financial Corp now owns 178,785 shares of the communications equipment provider’s stock valued at $1,138,000 after purchasing an additional 12,057 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Telefonaktiebolaget LM Ericsson in the first quarter valued at approximately $177,000. 8.18% of the stock is owned by institutional investors.

A number of research analysts have commented on ERIC shares. Zacks Investment Research cut shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “sell” rating in a research note on Monday, July 23rd. BidaskClub upgraded shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “hold” rating in a research note on Tuesday, August 21st. Raymond James cut shares of Telefonaktiebolaget LM Ericsson from a “market perform” rating to an “underperform” rating in a research note on Friday, July 20th. ValuEngine upgraded shares of Telefonaktiebolaget LM Ericsson from a “hold” rating to a “buy” rating in a research note on Thursday, June 21st. Finally, Bank of America upgraded shares of Telefonaktiebolaget LM Ericsson from an “underperform” rating to a “neutral” rating in a research note on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the stock. Telefonaktiebolaget LM Ericsson has a consensus rating of “Hold” and a consensus price target of $8.08.

About Telefonaktiebolaget LM Ericsson

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for networks, IT and cloud, and media markets worldwide. It operates through four segments: Networks, Digital Services, Managed Services, and Other. The Networks segment provides mobile radio access networks, transport solutions, and site solutions, as well as related services, such as network rollout, network tuning, and customer support.

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