Nokia (NYSE:NOK) Stock Price Down 4.7% – What’s Next?

Nokia Corporation (NYSE:NOK) shares fell 4.7% during trading on Wednesday . The company traded as low as $9.99 and last traded at $9.9150. 16,907,204 shares traded hands during trading, a decline of 68% from the average session volume of 52,563,500 shares. The stock had previously closed at $10.40.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NOK. Danske cut Nokia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Kepler Capital Markets upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, January 7th. Santander upgraded Nokia from a “neutral” rating to an “outperform” rating in a research note on Monday, February 2nd. The Goldman Sachs Group upgraded Nokia from a “sell” rating to a “neutral” rating in a research note on Monday, March 30th. Finally, Morgan Stanley assumed coverage on Nokia in a research note on Monday, February 9th. They issued an “overweight” rating and a $8.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Nokia has a consensus rating of “Moderate Buy” and an average price target of $8.83.

Nokia Stock Performance

The company has a quick ratio of 1.36, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. The company has a 50 day moving average of $8.39 and a 200 day moving average of $7.09. The firm has a market cap of $57.28 billion, a price-to-earnings ratio of 76.69, a PEG ratio of 1.93 and a beta of 0.77.

Nokia (NYSE:NOK) last released its quarterly earnings results on Thursday, March 5th. The technology company reported $0.11 EPS for the quarter. The business had revenue of $7.19 billion for the quarter. Nokia had a return on equity of 8.54% and a net margin of 3.41%. As a group, equities research analysts expect that Nokia Corporation will post 0.4 EPS for the current fiscal year.

Institutional Trading of Nokia

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jefferies Financial Group Inc. bought a new stake in Nokia in the third quarter valued at about $4,595,000. Penserra Capital Management LLC increased its holdings in Nokia by 38.0% in the third quarter. Penserra Capital Management LLC now owns 7,760,500 shares of the technology company’s stock valued at $37,328,000 after buying an additional 2,136,545 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Nokia by 35,010.3% in the third quarter. Thrivent Financial for Lutherans now owns 12,655,143 shares of the technology company’s stock valued at $60,871,000 after buying an additional 12,619,099 shares during the last quarter. Polar Asset Management Partners Inc. bought a new stake in Nokia in the third quarter valued at about $11,910,000. Finally, TSP Capital Management Group LLC grew its holdings in shares of Nokia by 8.8% during the third quarter. TSP Capital Management Group LLC now owns 2,473,592 shares of the technology company’s stock valued at $11,898,000 after purchasing an additional 200,400 shares during the last quarter. 5.28% of the stock is owned by institutional investors.

About Nokia

Nokia Corporation, headquartered in Espoo, Finland, is a global telecommunications and technology company with roots dating back to 1865. Over its long history the company moved from forestry and cable operations into electronics and telecommunications, becoming widely known in the 1990s and 2000s for its mobile phones. In recent years Nokia refocused its business toward network infrastructure, software and technology licensing, and research and development, following the divestiture of its handset manufacturing business and the acquisition of Alcatel?Lucent in 2016, which brought Bell Labs into its portfolio.

Today Nokia’s core activities center on designing, building and supporting communications networks and related software.