Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Short Interest Down 17.4% in August

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 18,360,000 shares, a decline of 17.4% from the July 31st total of 22,240,000 shares. Approximately 0.6% of the company’s stock are short sold. Based on an average daily trading volume, of 16,840,000 shares, the short-interest ratio is presently 1.1 days.

Wall Street Analysts Forecast Growth

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

Telefonaktiebolaget LM Ericsson (publ) Price Performance

Shares of NASDAQ ERIC opened at $7.45 on Monday. Telefonaktiebolaget LM Ericsson has a fifty-two week low of $4.33 and a fifty-two week high of $7.48. The company has a market cap of $24.83 billion, a PE ratio of -7.53 and a beta of 0.84. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.90 and a current ratio of 1.14. The business has a 50-day simple moving average of $6.70 and a two-hundred day simple moving average of $5.94.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last released its earnings results on Friday, July 12th. The communications equipment provider reported $0.01 EPS 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 company had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.29 billion. As a group, equities 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)

A number of large investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Telefonaktiebolaget LM Ericsson (publ) by 131.2% in the 2nd quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock worth $34,000 after acquiring an additional 3,101 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Telefonaktiebolaget LM Ericsson (publ) in the first quarter worth about $36,000. BOKF NA acquired a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the second quarter worth about $41,000. NBC Securities Inc. boosted its position in Telefonaktiebolaget LM Ericsson (publ) by 258.1% in the first quarter. NBC Securities Inc. now owns 10,744 shares of the communications equipment provider’s stock valued at $59,000 after buying an additional 7,744 shares during the last quarter. Finally, Lake Street Advisors Group LLC acquired a new position in Telefonaktiebolaget LM Ericsson (publ) in the 4th quarter worth approximately $64,000. 7.99% of the stock is owned by hedge funds and other institutional investors.

About Telefonaktiebolaget LM Ericsson (publ)

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.