Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Short Interest Up 5.5% in August

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 19,370,000 shares, a growth of 5.5% from the August 15th total of 18,360,000 shares. Approximately 0.6% of the company’s stock are short sold. Based on an average daily volume of 16,700,000 shares, the days-to-cover ratio is currently 1.2 days.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

ERIC stock opened at $7.37 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.14 and a quick ratio of 0.90. Telefonaktiebolaget LM Ericsson has a 1 year low of $4.33 and a 1 year high of $7.48. The stock has a market capitalization of $24.56 billion, a PE ratio of -7.44 and a beta of 0.83. The company’s 50-day moving average is $6.96 and its 200-day moving average is $6.09.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last posted its earnings results on Friday, July 12th. The communications equipment provider reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 11.39% and a negative net margin of 14.13%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.29 billion. Equities research analysts expect that Telefonaktiebolaget LM Ericsson will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Institutional investors and hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 4.4% in the 1st quarter. Advisors Asset Management Inc. now owns 190,065 shares of the communications equipment provider’s stock worth $1,047,000 after acquiring an additional 8,086 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 4,904.4% in the 4th quarter. Oppenheimer & Co. Inc. now owns 835,784 shares of the communications equipment provider’s stock valued at $5,265,000 after buying an additional 819,083 shares during the last quarter. First Affirmative Financial Network increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 9.4% in the 1st quarter. First Affirmative Financial Network now owns 26,354 shares of the communications equipment provider’s stock valued at $145,000 after buying an additional 2,268 shares during the last quarter. QRG Capital Management Inc. increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 176.2% in the 2nd quarter. QRG Capital Management Inc. now owns 188,231 shares of the communications equipment provider’s stock valued at $1,161,000 after buying an additional 120,072 shares during the last quarter. Finally, Gateway Investment Advisers LLC increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 1,260.7% in the 2nd quarter. Gateway Investment Advisers LLC now owns 630,541 shares of the communications equipment provider’s stock valued at $3,890,000 after buying an additional 584,201 shares during the last quarter. Institutional investors and hedge funds own 7.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. increased their price objective on shares of Telefonaktiebolaget LM Ericsson (publ) from $5.58 to $5.90 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.90.

Telefonaktiebolaget LM Ericsson (publ) Company Profile

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides mobile connectivity solutions for telcom operators and enterprise customers in various sectors in North America, Europe, Latin America, the Middle East, Africa, North East Asia, South East Asia, Oceania, and India. It operates in four segments: Networks; Cloud Software and Services; Enterprise; and Other.