Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) Short Interest Down 13.3% in October

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC) was the target of a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 26,700,000 shares, a decrease of 13.3% from the September 30th total of 30,780,000 shares. Based on an average daily volume of 16,780,000 shares, the short-interest ratio is currently 1.6 days. Currently, 0.9% of the shares of the company are sold short.

Hedge Funds Weigh In On Telefonaktiebolaget LM Ericsson (publ)

A number of hedge funds have recently bought and sold shares of ERIC. GAMMA Investing LLC boosted its position in Telefonaktiebolaget LM Ericsson (publ) by 131.2% during the second quarter. GAMMA Investing LLC now owns 5,464 shares of the communications equipment provider’s stock worth $34,000 after purchasing an additional 3,101 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Telefonaktiebolaget LM Ericsson (publ) in the first quarter valued at approximately $36,000. BOKF NA purchased a new position in shares of Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at approximately $41,000. Hexagon Capital Partners LLC lifted its position in shares of Telefonaktiebolaget LM Ericsson (publ) by 225.5% in the third quarter. Hexagon Capital Partners LLC now owns 5,664 shares of the communications equipment provider’s stock valued at $43,000 after acquiring an additional 3,924 shares in the last quarter. Finally, Williams & Novak LLC purchased a new position in shares of Telefonaktiebolaget LM Ericsson (publ) in the second quarter valued at approximately $76,000. Hedge funds and other institutional investors own 7.99% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on ERIC shares. JPMorgan Chase & Co. raised 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. StockNews.com raised Telefonaktiebolaget LM Ericsson (publ) from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Telefonaktiebolaget LM Ericsson (publ) currently has an average rating of “Hold” and a consensus price target of $6.70.

Telefonaktiebolaget LM Ericsson (publ) Price Performance

ERIC stock traded down $0.02 during mid-day trading on Tuesday, reaching $8.57. 13,911,381 shares of the company’s stock were exchanged, compared to its average volume of 16,626,730. The company has a market cap of $28.56 billion, a price-to-earnings ratio of -8.68 and a beta of 0.83. The stock’s 50 day moving average is $7.65 and its 200 day moving average is $6.60. 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 12-month low of $4.33 and a 12-month high of $8.62.

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.