Short Interest in Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Rises By 5.3%

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) saw a large growth in short interest in 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. Approximately 1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 16,930,000 shares, the days-to-cover ratio is currently 1.9 days.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

Shares of NASDAQ ERIC opened at $8.20 on Wednesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.19 and a quick ratio of 0.95. Telefonaktiebolaget LM Ericsson has a 1 year low of $4.77 and a 1 year high of $8.62. The firm has a fifty day moving average price of $8.07 and a 200-day moving average price of $7.14. The stock has a market cap of $27.33 billion, a PE ratio of -273.33 and a beta of 0.79.

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) last posted its quarterly earnings results on Tuesday, October 15th. The communications equipment provider reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. The business had revenue of $5.93 billion during the quarter, compared to the consensus estimate of $5.73 billion. Telefonaktiebolaget LM Ericsson (publ) had a positive return on equity of 13.31% and a negative net margin of 0.47%. Equities analysts anticipate that Telefonaktiebolaget LM Ericsson will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Telefonaktiebolaget LM Ericsson (publ)

A number of institutional investors and hedge funds have recently bought and sold shares of ERIC. Bank of Montreal Can grew its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 50,747.2% during the second quarter. Bank of Montreal Can now owns 13,557,885 shares of the communications equipment provider’s stock valued at $83,788,000 after purchasing an additional 13,531,221 shares in the last quarter. DigitalBridge Group Inc. boosted its stake in Telefonaktiebolaget LM Ericsson (publ) by 18.6% during the second quarter. DigitalBridge Group Inc. now owns 5,018,017 shares of the communications equipment provider’s stock valued at $30,961,000 after buying an additional 785,261 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Telefonaktiebolaget LM Ericsson (publ) during the 2nd quarter valued at approximately $17,940,000. FMR LLC increased its stake in Telefonaktiebolaget LM Ericsson (publ) by 23.8% in the 3rd quarter. FMR LLC now owns 2,412,480 shares of the communications equipment provider’s stock worth $18,287,000 after acquiring an additional 463,415 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 17,266.7% during the 3rd quarter. Two Sigma Advisers LP now owns 2,031,900 shares of the communications equipment provider’s stock worth $15,402,000 after acquiring an additional 2,020,200 shares in the last quarter. 7.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ERIC has been the topic of a number of recent analyst reports. StockNews.com raised shares of Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price objective 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 research analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.70.

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.