Ericsson (ERIC) Sees Large Decline in Short Interest
Ericsson (NASDAQ:ERIC) was the recipient of a significant decline in short interest in August. As of August 15th, there was short interest totalling 25,168,532 shares, a decline of 12.0% from the July 31st total of 28,592,372 shares. Based on an average daily volume of 2,700,421 shares, the days-to-cover ratio is currently 9.3 days.
Several large investors have recently modified their holdings of ERIC. Brandes Investment Partners LP increased its stake 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 valued at $71,131,000 after buying an additional 894,358 shares in the last quarter. Pinnacle Associates Ltd. acquired a new stake in shares of Ericsson during the first quarter valued at about $344,000. Envestnet Asset Management Inc. increased its stake in shares of Ericsson by 57.3% in the first quarter. Envestnet Asset Management Inc. now owns 583,503 shares of the communications equipment provider’s stock valued at $3,874,000 after buying an additional 212,593 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Ericsson by 17.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 65,142 shares of the communications equipment provider’s stock valued at $433,000 after buying an additional 9,842 shares in the last quarter. Finally, Pitcairn Co. acquired a new stake in shares of Ericsson during the first quarter valued at about $473,000. 7.95% of the stock is currently owned by institutional investors.
Several analysts recently commented on ERIC shares. Bank of America Corporation reiterated a “buy” rating on shares of Ericsson in a research report on Friday, June 2nd. ValuEngine upgraded Ericsson from a “strong sell” rating to a “sell” rating in a report on Friday, June 2nd. Citigroup Inc. assumed coverage on Ericsson in a report on Thursday, June 8th. They issued a “buy” rating for the company. Societe Generale assumed coverage on Ericsson in a report on Wednesday, June 14th. They issued a “hold” rating for the company. Finally, Canaccord Genuity restated a “neutral – hold” rating and issued a $7.00 target price on shares of Ericsson in a report on Friday, June 30th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. Ericsson has an average rating of “Hold” and a consensus target price of $5.95.
Ericsson (ERIC) opened at 5.83 on Friday. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.47. The stock’s market capitalization is $19.10 billion. The stock’s 50 day moving average price is $6.22 and its 200-day moving average price is $6.58.
Ericsson (NASDAQ:ERIC) last issued its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The business had revenue of $49.90 billion during the quarter, compared to analyst estimates 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 for the quarter was down 7.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.83 earnings per share. Analysts expect that Ericsson will post $0.23 earnings per share for the current year.
Ericsson Company Profile
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.
Receive News & Ratings for Ericsson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ericsson and related companies with Analyst Ratings Network's FREE daily email newsletter.