Ericsson (ERIC) Short Interest Update
Ericsson (NASDAQ:ERIC) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 18,677,446 shares, an increase of 20.7% from the August 15th total of 15,475,405 shares. Currently, 0.6% of the company’s shares are short sold. Based on an average daily volume of 4,235,359 shares, the days-to-cover ratio is currently 4.4 days.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ERIC. Rhumbline Advisers boosted its position in Ericsson by 0.9% in the second quarter. Rhumbline Advisers now owns 34,279 shares of the company’s stock worth $263,000 after buying an additional 289 shares during the last quarter. Timber Hill LLC boosted its position in Ericsson by 4.5% in the second quarter. Timber Hill LLC now owns 24,244 shares of the company’s stock worth $186,000 after buying an additional 1,045 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Ericsson by 4.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 26,876 shares of the company’s stock worth $270,000 after buying an additional 1,148 shares during the last quarter. BlackRock Fund Advisors boosted its position in Ericsson by 1.0% in the first quarter. BlackRock Fund Advisors now owns 142,343 shares of the company’s stock worth $1,428,000 after buying an additional 1,430 shares during the last quarter. Finally, Wrapmanager Inc. boosted its position in Ericsson by 5.4% in the second quarter. Wrapmanager Inc. now owns 30,568 shares of the company’s stock worth $235,000 after buying an additional 1,557 shares during the last quarter. Institutional investors own 7.29% of the company’s stock.
Ericsson (NASDAQ:ERIC) opened at 6.78 on Wednesday. The stock has a market cap of $22.11 billion, a PE ratio of 13.92 and a beta of 1.01. Ericsson has a 52-week low of $6.75 and a 52-week high of $10.58. The firm has a 50-day moving average price of $7.27 and a 200 day moving average price of $8.11.
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Ericsson (NASDAQ:ERIC) last released its earnings results on Tuesday, July 19th. The company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. Ericsson had a net margin of 5.70% and a return on equity of 13.14%. On average, analysts forecast that Ericsson will post $0.51 earnings per share for the current fiscal year.
ERIC has been the subject of a number of research analyst reports. Vetr upgraded Ericsson from a “buy” rating to a “strong-buy” rating in a report on Monday, August 29th. Morgan Stanley reiterated a “neutral” rating on shares of Ericsson in a report on Friday, August 12th. BMO Capital Markets restated a “hold” rating and set a $8.00 price objective on shares of Ericsson in a report on Monday, July 18th. Zacks Investment Research upgraded Ericsson from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Barclays PLC upgraded Ericsson from an “underweight” rating to an “equal weight” rating in a report on Wednesday, July 6th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $8.49.
Ericsson Company Profile
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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