Ericsson (NASDAQ:ERIC) saw a large growth in short interest during the month of October. As of October 13th, there was short interest totalling 35,745,061 shares, a growth of 28.1% from the September 29th total of 27,900,979 shares. Based on an average daily volume of 5,874,381 shares, the days-to-cover ratio is currently 6.1 days.

Several brokerages have recently commented on ERIC. BidaskClub lowered shares of Ericsson from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. J P Morgan Chase & Co restated a “neutral” rating on shares of Ericsson in a report on Saturday, August 26th. Canaccord Genuity restated a “neutral – hold” rating and issued a $7.00 price objective on shares of Ericsson in a report on Friday, June 30th. BNP Paribas upgraded shares of Ericsson from a “neutral” rating to an “outperform” rating in a report on Thursday, September 21st. Finally, Zacks Investment Research lowered shares of Ericsson from a “hold” rating to a “strong sell” rating in a report on Friday, October 6th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. Ericsson currently has an average rating of “Hold” and a consensus price target of $5.34.

Shares of Ericsson (NASDAQ:ERIC) opened at 6.58 on Thursday. The firm’s 50-day moving average is $5.84 and its 200-day moving average is $6.41. The firm’s market capitalization is $21.56 billion. Ericsson has a 12-month low of $4.83 and a 12-month high of $7.47.

Ericsson (NASDAQ:ERIC) last announced its quarterly earnings results on Friday, October 20th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.07). The business had revenue of $47.80 billion for the quarter, compared to analyst estimates of $47.21 billion. Ericsson had a negative net margin of 8.60% and a negative return on equity of 5.67%. The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.34 earnings per share. Equities research analysts forecast that Ericsson will post $0.04 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in ERIC. Morgan Stanley lifted its position in shares of Ericsson by 113.3% during the first quarter. Morgan Stanley now owns 210,410 shares of the communications equipment provider’s stock worth $1,397,000 after purchasing an additional 111,753 shares in the last quarter. Folketrygdfondet lifted its position in shares of Ericsson by 26.8% during the second quarter. Folketrygdfondet now owns 8,432,504 shares of the communications equipment provider’s stock worth $60,461,000 after purchasing an additional 1,780,000 shares in the last quarter. Aperio Group LLC lifted its position in shares of Ericsson by 5.9% during the second quarter. Aperio Group LLC now owns 1,142,005 shares of the communications equipment provider’s stock worth $8,188,000 after purchasing an additional 63,960 shares in the last quarter. Greenleaf Trust lifted its position in shares of Ericsson by 2.6% during the second quarter. Greenleaf Trust now owns 31,146 shares of the communications equipment provider’s stock worth $223,000 after purchasing an additional 797 shares in the last quarter. Finally, UBS Group AG lifted its position in shares of Ericsson by 21.5% during the first quarter. UBS Group AG now owns 185,218 shares of the communications equipment provider’s stock worth $1,230,000 after purchasing an additional 32,767 shares in the last quarter. 7.96% of the stock is currently owned by hedge funds and other institutional investors.

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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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