Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Sees Large Growth in Short Interest

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) was the recipient of a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 31,350,000 shares, a growth of 5.3% from the October 31st total of 29,770,000 shares. Based on an average daily volume of 16,930,000 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.0% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 176.2% during 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 acquiring an additional 120,072 shares during the period. Gateway Investment Advisers LLC lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 1,260.7% during 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 acquiring an additional 584,201 shares during the period. US Bancorp DE lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 415.6% during the 3rd quarter. US Bancorp DE now owns 181,305 shares of the communications equipment provider’s stock valued at $1,374,000 after acquiring an additional 146,141 shares during the period. Verition Fund Management LLC lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 6.9% during the 3rd quarter. Verition Fund Management LLC now owns 1,142,228 shares of the communications equipment provider’s stock valued at $8,658,000 after acquiring an additional 73,320 shares during the period. Finally, Paloma Partners Management Co bought a new stake in shares of Telefonaktiebolaget LM Ericsson (publ) during the 3rd quarter valued at $3,032,000. 7.99% of the stock is owned by institutional investors and hedge funds.

Telefonaktiebolaget LM Ericsson (publ) Stock Up 1.0 %

ERIC stock opened at $8.28 on Thursday. The company has a current ratio of 1.19, a quick ratio of 0.95 and a debt-to-equity ratio of 0.39. The business’s 50 day simple moving average is $8.08 and its 200 day simple moving average is $7.15. Telefonaktiebolaget LM Ericsson has a 1-year low of $4.77 and a 1-year high of $8.62. The firm has a market capitalization of $27.59 billion, a PE ratio of -276.00 and a beta of 0.79.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last issued its quarterly earnings data on Tuesday, October 15th. The communications equipment provider reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.02. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 13.31% and a negative net margin of 0.47%. The firm had revenue of $5.93 billion for the quarter, compared to analyst estimates of $5.73 billion. As a group, research analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.44 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on ERIC. StockNews.com raised Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price on Telefonaktiebolaget LM Ericsson (publ) from $5.90 to $6.70 and gave the stock a “neutral” rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.70.

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.