Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) Short Interest Update

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Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 7,589,700 shares, a decline of 17.9% from the July 31st total of 9,248,300 shares. Based on an average daily trading volume, of 6,130,000 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.3% of the shares of the stock are sold short.

NASDAQ ERIC traded down $0.09 on Friday, reaching $8.03. The company had a trading volume of 3,286,671 shares, compared to its average volume of 6,505,499. The company has a quick ratio of 1.11, a current ratio of 1.42 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $26.77 billion, a PE ratio of 267.67 and a beta of 0.53. The firm’s 50 day moving average price is $8.32 and its 200 day moving average price is $9.24. Telefonaktiebolaget LM Ericsson has a 12 month low of $7.58 and a 12 month high of $10.46.

Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Wednesday, July 17th. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The company had revenue of $54.80 billion during the quarter, compared to the consensus estimate of $53.25 billion. Telefonaktiebolaget LM Ericsson had a net margin of 0.16% and a return on equity of 6.37%. The business’s revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. On average, research analysts expect that Telefonaktiebolaget LM Ericsson will post 0.36 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada increased its holdings in Telefonaktiebolaget LM Ericsson by 108.6% in the 2nd quarter. Royal Bank of Canada now owns 311,358 shares of the communications equipment provider’s stock valued at $2,959,000 after acquiring an additional 162,081 shares during the last quarter. UBS Group AG increased its holdings in Telefonaktiebolaget LM Ericsson by 1.5% in the 2nd quarter. UBS Group AG now owns 1,720,464 shares of the communications equipment provider’s stock valued at $16,344,000 after acquiring an additional 25,402 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its holdings in Telefonaktiebolaget LM Ericsson by 45.0% in the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 26,954 shares of the communications equipment provider’s stock valued at $256,000 after acquiring an additional 8,370 shares during the last quarter. Eaton Vance Management bought a new stake in Telefonaktiebolaget LM Ericsson in the 2nd quarter valued at $149,000. Finally, OneAscent Financial Services LLC bought a new stake in Telefonaktiebolaget LM Ericsson in the 2nd quarter valued at $229,000. Institutional investors own 8.13% of the company’s stock.

A number of research analysts recently weighed in on the stock. BidaskClub cut shares of Telefonaktiebolaget LM Ericsson from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 31st. Bank of America upgraded shares of Telefonaktiebolaget LM Ericsson from a “neutral” rating to a “buy” rating and set a $9.85 target price on the stock in a research note on Wednesday, May 22nd. Goldman Sachs Group upgraded shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “conviction-buy” rating and set a $11.50 target price on the stock in a research note on Monday, July 29th. TheStreet cut shares of Telefonaktiebolaget LM Ericsson from a “b” rating to a “c” rating in a research note on Monday, August 19th. Finally, ValuEngine cut shares of Telefonaktiebolaget LM Ericsson from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $9.89.

Telefonaktiebolaget LM Ericsson Company Profile

Telefonaktiebolaget LM Ericsson (publ) provides information and communications technology solutions for service providers. It operates through four segments: Networks, Digital Services, Managed Services, and Emerging Business 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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