Short Interest in Ericsson (NASDAQ:ERIC) Decreases By 27.1%

Key Points

• Short interest in Ericsson fell by 27.1% to 40,089,846 shares as of April 15 (down from 54,979,236 on March 31); the days-to-cover ratio is 4.2 and about 1.2% of shares are sold short.
• Analyst coverage is mixed—1 Buy, 6 Hold and 2 Sell—with a MarketBeat consensus rating of “Reduce” and a consensus price target of $11.00.
• Shares traded up 1.2% to $11.44; Ericsson has a market cap of $38.56 billion, a PE of 14.48, and institutional/hedge fund ownership of roughly 7.99%.

Ericsson (NASDAQ:ERIC - Get Free Report) saw a large decline in short interest during the month of April. As of April 15th, there was short interest totaling 40,089,846 shares, a decline of 27.1% from the March 31st total of 54,979,236 shares. Based on an average daily volume of 9,557,162 shares, the days-to-cover ratio is currently 4.2 days. Currently, 1.2% of the shares of the stock are sold short.

Ericsson Trading Up 1.2%

Shares of ERIC stock traded up $0.14 on Wednesday, hitting $11.44. 7,030,986 shares of the stock traded hands, compared to its average volume of 10,356,325. The firm's 50-day moving average price is $11.47 and its two-hundred day moving average price is $10.44. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.93 and a current ratio of 1.12. The stock has a market capitalization of $38.56 billion, a PE ratio of 14.48, a PEG ratio of 1.78 and a beta of 0.91. Ericsson has a twelve month low of $7.16 and a twelve month high of $12.19.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Quantitative Investment Management LLC acquired a new position in shares of Ericsson during the 3rd quarter valued at about $1,349,000. Neuberger Berman Group LLC boosted its position in shares of Ericsson by 57.6% during the 3rd quarter. Neuberger Berman Group LLC now owns 32,277 shares of the communications equipment provider's stock valued at $267,000 after acquiring an additional 11,792 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Ericsson by 12.4% during the 3rd quarter. Jones Financial Companies Lllp now owns 13,017 shares of the communications equipment provider's stock valued at $107,000 after acquiring an additional 1,441 shares during the last quarter. Brooklyn Investment Group boosted its position in shares of Ericsson by 98.4% during the 4th quarter. Brooklyn Investment Group now owns 91,471 shares of the communications equipment provider's stock valued at $886,000 after acquiring an additional 45,359 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC boosted its position in shares of Ericsson by 7.2% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 42,902 shares of the communications equipment provider's stock valued at $414,000 after acquiring an additional 2,869 shares during the last quarter. Institutional investors and hedge funds own 7.99% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Morgan Stanley assumed coverage on shares of Ericsson in a research note on Monday, February 9th. They set an "equal weight" rating and a $11.00 target price on the stock. Wall Street Zen cut shares of Ericsson from a "buy" rating to a "hold" rating in a research note on Saturday. Citigroup reaffirmed a "neutral" rating on shares of Ericsson in a research note on Tuesday. Finally, Argus raised shares of Ericsson to a "hold" rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Ericsson presently has a consensus rating of "Reduce" and a consensus price target of $11.00.

About Ericsson

Ericsson AB is a Swedish multinational telecommunications equipment and services company headquartered in Stockholm. Founded in 1876 by Lars Magnus Ericsson, the company designs, develops and sells infrastructure, software and services that enable mobile and fixed-line networks worldwide. Ericsson serves a global customer base that includes mobile network operators, enterprise customers and public-sector organizations across Europe, the Americas, Asia-Pacific, the Middle East and Africa.

The company's core activities center on building and modernizing network infrastructure, with a particular focus on radio access networks (RAN), core network software, cloud-native solutions and network management systems.

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