Nokia (NYSE:NOK) Shares Gap Down – Time to Sell?

Nokia Corporation (NYSE:NOK) shares gapped down prior to trading on Wednesday . The stock had previously closed at $6.64, but opened at $6.24. Nokia shares last traded at $6.1450, with a volume of 32,035,845 shares changing hands.

Analysts Set New Price Targets

Several research firms recently issued reports on NOK. UBS Group restated a “neutral” rating on shares of Nokia in a research report on Tuesday, October 28th. Danske downgraded shares of Nokia from a “buy” rating to a “hold” rating in a report on Tuesday, November 4th. Wall Street Zen lowered shares of Nokia from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. BNP Paribas Exane upgraded Nokia from a “neutral” rating to an “outperform” rating and set a $5.00 price objective for the company in a research report on Wednesday, September 3rd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a research report on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $5.87.

Nokia Price Performance

The company has a fifty day moving average of $5.71 and a 200-day moving average of $5.13. The company has a current ratio of 1.46, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The stock has a market cap of $32.47 billion, a PE ratio of 33.64 and a beta of 0.84.

Nokia (NYSE:NOK) last released its earnings results on Thursday, October 23rd. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Nokia had a return on equity of 8.31% and a net margin of 4.65%.Nokia’s revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. Sell-side analysts expect that Nokia Corporation will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Nokia

Hedge funds have recently added to or reduced their stakes in the business. Xponance Inc. lifted its stake in shares of Nokia by 16.7% in the third quarter. Xponance Inc. now owns 12,023 shares of the technology company’s stock valued at $58,000 after purchasing an additional 1,717 shares during the period. Franklin Resources Inc. increased its holdings in Nokia by 0.5% in the third quarter. Franklin Resources Inc. now owns 355,298 shares of the technology company’s stock valued at $1,709,000 after buying an additional 1,840 shares in the last quarter. Prime Capital Investment Advisors LLC lifted its position in shares of Nokia by 7.6% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 26,022 shares of the technology company’s stock valued at $125,000 after acquiring an additional 1,848 shares during the period. Evergreen Capital Management LLC grew its holdings in shares of Nokia by 5.0% in the 3rd quarter. Evergreen Capital Management LLC now owns 44,984 shares of the technology company’s stock worth $216,000 after acquiring an additional 2,152 shares during the period. Finally, ICONIQ Capital LLC grew its holdings in Nokia by 5.7% in the first quarter. ICONIQ Capital LLC now owns 40,797 shares of the technology company’s stock valued at $215,000 after purchasing an additional 2,205 shares during the last quarter. 5.28% of the stock is currently owned by institutional investors and hedge funds.

About Nokia

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.