Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sees Significant Increase in Short Interest

Posted by Defense World Staff on Jul 18th, 2023

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC – Get Free Report) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 26,790,000 shares, a growth of 25.0% from the June 15th total of 21,430,000 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily volume of 9,130,000 shares, the days-to-cover ratio is presently 2.9 days.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

ERIC opened at $4.92 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 1.13 and a debt-to-equity ratio of 0.18. The company has a market cap of $16.45 billion, a price-to-earnings ratio of 14.47 and a beta of 0.60. Telefonaktiebolaget LM Ericsson has a 52-week low of $4.87 and a 52-week high of $7.81. The firm’s fifty day simple moving average is $5.27 and its two-hundred day simple moving average is $5.53.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC – Get Free Report) last posted its quarterly earnings data on Friday, July 14th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.02. The business had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.12 billion. Telefonaktiebolaget LM Ericsson (publ) had a net margin of 4.29% and a return on equity of 13.35%. Equities analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Telefonaktiebolaget LM Ericsson (publ)

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SNC lifted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 2,162.5% in the third quarter. BNP Paribas Arbitrage SNC now owns 33,870 shares of the communications equipment provider’s stock worth $194,000 after buying an additional 32,373 shares in the last quarter. Henry James International Management Inc. lifted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 0.8% in the fourth quarter. Henry James International Management Inc. now owns 345,196 shares of the communications equipment provider’s stock worth $2,016,000 after buying an additional 2,768 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 150.0% in the fourth quarter. Russell Investments Group Ltd. now owns 804,882 shares of the communications equipment provider’s stock worth $4,701,000 after buying an additional 482,897 shares in the last quarter. Campbell & CO Investment Adviser LLC lifted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 202.2% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 49,881 shares of the communications equipment provider’s stock worth $291,000 after buying an additional 33,376 shares in the last quarter. Finally, Earnest Partners LLC lifted its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 10.1% in the fourth quarter. Earnest Partners LLC now owns 235,231 shares of the communications equipment provider’s stock worth $1,374,000 after buying an additional 21,523 shares in the last quarter. 7.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ERIC shares. DNB Markets upgraded shares of Telefonaktiebolaget LM Ericsson (publ) from a “hold” rating to a “buy” rating in a research note on Thursday, March 30th. StockNews.com initiated coverage on shares of Telefonaktiebolaget LM Ericsson (publ) in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Barclays lowered shares of Telefonaktiebolaget LM Ericsson (publ) from an “overweight” rating to an “equal weight” rating in a research report on Monday. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $57.94.

About Telefonaktiebolaget LM Ericsson (publ)

(Get Free Report)

Telefonaktiebolaget LM Ericsson (publ), together with its subsidiaries, provides communication infrastructure, services, and software solutions to the telecom and other sectors. It operates through four segments: Networks, Cloud Software and Services, Enterprise, and Other. The Networks segment offers radio access network solutions for various network spectrum bands, including integrated high-performing hardware and software.

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