Ericsson (ERIC) Sees Large Decrease in Short Interest

Ericsson (NASDAQ:ERIC) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 24,055,810 shares, a decline of 4.4% from the August 15th total of 25,168,532 shares. Based on an average daily volume of 2,416,578 shares, the short-interest ratio is presently 10.0 days.

Several equities research analysts have recently commented on ERIC shares. BidaskClub downgraded shares of Ericsson from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Citigroup Inc. started coverage on shares of Ericsson in a research note on Thursday, June 8th. They issued a “buy” rating on the stock. Bank of America Corporation restated a “buy” rating on shares of Ericsson in a research note on Friday, June 2nd. Canaccord Genuity restated a “hold” rating and issued a $6.00 target price on shares of Ericsson in a research note on Tuesday, July 18th. Finally, J P Morgan Chase & Co restated a “hold” rating on shares of Ericsson in a research note on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $5.95.

A number of large investors have recently added to or reduced their stakes in the stock. Boyd Watterson Asset Management LLC OH boosted its stake in shares of Ericsson by 1.0% during the second quarter. Boyd Watterson Asset Management LLC OH now owns 18,092 shares of the communications equipment provider’s stock valued at $130,000 after purchasing an additional 174 shares in the last quarter. Greenleaf Trust boosted its stake 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 valued at $223,000 after purchasing an additional 797 shares in the last quarter. Stephens Inc. AR boosted its stake in shares of Ericsson by 5.0% during the first quarter. Stephens Inc. AR now owns 25,964 shares of the communications equipment provider’s stock valued at $172,000 after purchasing an additional 1,227 shares in the last quarter. Ronald Blue & Co. LLC boosted its stake in shares of Ericsson by 7.0% during the second quarter. Ronald Blue & Co. LLC now owns 19,716 shares of the communications equipment provider’s stock valued at $141,000 after purchasing an additional 1,283 shares in the last quarter. Finally, Global X Management Co. LLC boosted its stake in shares of Ericsson by 1.2% during the first quarter. Global X Management Co. LLC now owns 166,784 shares of the communications equipment provider’s stock valued at $1,107,000 after purchasing an additional 1,940 shares in the last quarter. 7.95% of the stock is currently owned by institutional investors and hedge funds.

Ericsson (NASDAQ ERIC) opened at 5.70 on Friday. The company’s 50-day moving average is $6.00 and its 200 day moving average is $6.55. Ericsson has a 12 month low of $4.83 and a 12 month high of $7.47.

Ericsson (NASDAQ:ERIC) last released its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the 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 business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.83 earnings per share. Equities research analysts expect that Ericsson will post $0.23 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: “Ericsson (ERIC) Sees Large Decrease in Short Interest” was originally posted by Chaffey Breeze and is the property of of Chaffey Breeze. If you are accessing this news story on another publication, it was illegally stolen and republished in violation of United States and international copyright and trademark laws. The correct version of this news story can be viewed at https://www.chaffeybreeze.com/2017/09/15/ericsson-eric-sees-large-decrease-in-short-interest.html.

About Ericsson

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 MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply