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.

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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.

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