The Short Interest in Ericsson (ERIC) Expands By 9.1%

The Short Interest in Ericsson (ERIC) Expands By 9.1%

Ericsson (NASDAQ:ERIC) was the target of a large increase in short interest during the month of October. As of October 14th, there was short interest totalling 19,298,263 shares, an increase of 9.1% from the September 30th total of 17,684,401 shares. Based on an average daily trading volume, of 14,472,765 shares, the short-interest ratio is presently 1.3 days. Approximately 0.6% of the shares of the company are short sold.

A number of equities research analysts recently weighed in on the stock. Charter Equity downgraded shares of Ericsson from a “market perform” rating to an “underperform” rating in a research report on Wednesday, July 20th. Argus reaffirmed a “hold” rating on shares of Ericsson in a research report on Thursday, October 13th. Morgan Stanley reaffirmed a “neutral” rating on shares of Ericsson in a research report on Friday, August 12th. Barclays PLC raised shares of Ericsson from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, July 6th. Finally, Bank of America Corp. reaffirmed a “hold” rating on shares of Ericsson in a research report on Tuesday, July 26th. Three research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and one has given a strong buy rating to the company. Ericsson presently has a consensus rating of “Hold” and an average price target of $8.21.

Several institutional investors have recently made changes to their positions in ERIC. Cambiar Investors LLC boosted its position in shares of Ericsson by 10.7% in the second quarter. Cambiar Investors LLC now owns 18,024,576 shares of the company’s stock worth $138,429,000 after buying an additional 1,746,391 shares in the last quarter. Telemus Capital LLC boosted its position in shares of Ericsson by 16.9% in the second quarter. Telemus Capital LLC now owns 25,113 shares of the company’s stock worth $193,000 after buying an additional 3,636 shares in the last quarter. Princeton Alpha Management LP acquired a new position in shares of Ericsson during the second quarter worth about $425,000. Capital Fund Management S.A. acquired a new position in shares of Ericsson during the second quarter worth about $856,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Ericsson during the second quarter worth about $190,000. Institutional investors own 7.29% of the company’s stock.

Shares of Ericsson (NASDAQ:ERIC) opened at 4.87 on Friday. Ericsson has a 1-year low of $4.83 and a 1-year high of $10.20. The company’s 50-day moving average is $0.00 and its 200 day moving average is $0.00.

Ericsson (NASDAQ:ERIC) last announced its quarterly earnings data on Friday, October 21st. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.11 by $0.12. Ericsson had a net margin of 4.48% and a return on equity of 10.92%. The business earned $51.10 billion during the quarter, compared to analyst estimates of $51.74 billion. During the same quarter in the prior year, the company posted $1.34 EPS. The company’s quarterly revenue was down 13.7% compared to the same quarter last year. On average, equities research analysts anticipate that Ericsson will post $0.34 EPS for the current fiscal year.

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