Ericsson (ERIC) Short Interest Update
Ericsson (NASDAQ:ERIC) was the target of a significant increase in short interest during the month of July. As of July 31st, there was short interest totalling 28,592,372 shares, an increase of 77.0% from the July 14th total of 16,156,229 shares. Based on an average daily volume of 9,466,771 shares, the days-to-cover ratio is presently 3.0 days.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Primecap Management Co. CA increased its position in shares of Ericsson by 2.9% in the first quarter. Primecap Management Co. CA now owns 81,901,979 shares of the communications equipment provider’s stock worth $543,829,000 after buying an additional 2,290,675 shares during the period. Brandes Investment Partners LP increased its position in shares of Ericsson by 9.1% in the first quarter. Brandes Investment Partners LP now owns 10,712,458 shares of the communications equipment provider’s stock worth $71,131,000 after buying an additional 894,358 shares during the period. Folketrygdfondet increased its position in shares of Ericsson by 26.8% in the second quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock worth $60,461,000 after buying an additional 1,780,000 shares during the period. Credit Suisse AG increased its position in shares of Ericsson by 912.8% in the first quarter. Credit Suisse AG now owns 4,542,361 shares of the communications equipment provider’s stock worth $30,161,000 after buying an additional 4,093,879 shares during the period. Finally, Sei Investments Co. increased its position in shares of Ericsson by 215.4% in the second quarter. Sei Investments Co. now owns 2,986,334 shares of the communications equipment provider’s stock worth $21,412,000 after buying an additional 2,039,348 shares during the period. Institutional investors own 8.13% of the company’s stock.
Shares of Ericsson (NASDAQ ERIC) opened at 6.02 on Friday. The stock has a 50 day moving average of $6.74 and a 200-day moving average of $6.56. Ericsson has a one year low of $4.83 and a one year high of $7.55. The stock’s market capitalization is $19.72 billion.
Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by $0.03. The company had revenue of $49.90 billion for 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 company’s revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 earnings per share. Equities analysts forecast that Ericsson will post $0.23 earnings per share for the current year.
Several equities research analysts have commented on ERIC shares. Cowen and Company reaffirmed a “market perform” rating and set a $3.00 price objective (down from $4.00) on shares of Ericsson in a report on Saturday, April 29th. Bank of America Corporation reaffirmed a “buy” rating on shares of Ericsson in a report on Friday, June 2nd. ValuEngine raised shares of Ericsson from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Citigroup Inc started coverage on shares of Ericsson in a report on Thursday, June 8th. They set a “buy” rating on the stock. Finally, Societe Generale started coverage on shares of Ericsson in a report on Wednesday, June 14th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Ericsson presently has an average rating of “Hold” and an average target price of $5.95.
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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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