Ericsson (ERIC) Short Interest Up 20.7% in August
Ericsson (NASDAQ:ERIC) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 18,677,446 shares, a growth 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 trading volume, of 4,235,359 shares, the short-interest ratio is presently 4.4 days.
Shares of Ericsson (NASDAQ:ERIC) opened at 6.73 on Wednesday. Ericsson has a 12-month low of $6.68 and a 12-month high of $10.58. The company has a 50 day moving average price of $7.17 and a 200 day moving average price of $8.01. The stock has a market cap of $21.95 billion, a P/E ratio of 13.79 and a beta of 1.01.
Ericsson (NASDAQ:ERIC) last posted its quarterly earnings data on Tuesday, July 19th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by $0.02. Ericsson had a return on equity of 13.14% and a net margin of 5.70%. Analysts anticipate that Ericsson will post $0.51 earnings per share for the current fiscal year.
A number of equities analysts have weighed in on ERIC shares. Vetr raised Ericsson from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 29th. Zacks Investment Research raised Ericsson from a “sell” rating to a “hold” rating in a research note on Tuesday, September 13th. Morgan Stanley reissued a “neutral” rating on shares of Ericsson in a research note on Friday, August 12th. BMO Capital Markets reissued a “hold” rating and set a $8.00 price objective on shares of Ericsson in a research note on Monday, July 18th. Finally, Barclays PLC raised Ericsson from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, July 6th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $8.49.
Hedge funds and other institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC raised its position in Ericsson by 25.6% in the second quarter. Sterling Capital Management LLC now owns 14,382 shares of the company’s stock valued at $110,000 after buying an additional 2,931 shares during the period. OLD National Bancorp IN raised its position in Ericsson by 38.2% in the second quarter. OLD National Bancorp IN now owns 15,638 shares of the company’s stock valued at $120,000 after buying an additional 4,325 shares during the period. Societe Generale bought a new position in Ericsson during the second quarter valued at approximately $133,000. SG Americas Securities LLC raised its position in Ericsson by 49.1% in the second quarter. SG Americas Securities LLC now owns 17,344 shares of the company’s stock valued at $133,000 after buying an additional 5,714 shares during the period. Finally, Smithfield Trust Co. bought a new position in Ericsson during the second quarter valued at approximately $136,000. 7.29% of the stock is currently owned by institutional investors and hedge funds.
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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