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

Telefonaktiebolaget LM Ericsson (publ) (NASDAQ:ERIC - Get Free Report) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 26,700,000 shares, a drop of 13.3% from the September 30th total of 30,780,000 shares. Based on an average daily trading 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 short sold.

Telefonaktiebolaget LM Ericsson (publ) Stock Performance

NASDAQ ERIC traded down $0.01 on Tuesday, hitting $8.58. 17,908,760 shares of the company traded hands, compared to its average volume of 16,645,857. The business's 50 day moving average price is $7.67 and its 200-day moving average price is $6.63. Telefonaktiebolaget LM Ericsson has a 52-week low of $4.33 and a 52-week high of $8.62. 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 company has a market capitalization of $28.59 billion, a price-to-earnings ratio of -8.67 and a beta of 0.83.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ERIC. Mercer Global Advisors Inc. ADV grew its holdings in Telefonaktiebolaget LM Ericsson (publ) by 1.8% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 102,448 shares of the communications equipment provider's stock valued at $632,000 after buying an additional 1,777 shares in the last quarter. Profund Advisors LLC boosted its stake in Telefonaktiebolaget LM Ericsson (publ) by 3.0% during the second quarter. Profund Advisors LLC now owns 62,838 shares of the communications equipment provider's stock worth $388,000 after buying an additional 1,823 shares during the period. DORCHESTER WEALTH MANAGEMENT Co raised its stake in shares of Telefonaktiebolaget LM Ericsson (publ) by 2.1% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 95,650 shares of the communications equipment provider's stock valued at $527,000 after acquiring an additional 2,000 shares during the period. Dynamic Advisor Solutions LLC lifted its holdings in shares of Telefonaktiebolaget LM Ericsson (publ) by 16.7% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 14,133 shares of the communications equipment provider's stock worth $87,000 after acquiring an additional 2,024 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Telefonaktiebolaget LM Ericsson (publ) by 37.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 9,029 shares of the communications equipment provider's stock valued at $56,000 after purchasing an additional 2,458 shares during the last quarter. 7.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ERIC shares. 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. raised their price objective on shares of 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 given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus 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.