Nokia (NYSE:NOK) Shares Down 5.1% – Here’s What Happened

Nokia Corporation (NYSE:NOK)’s share price dropped 5.1% on Tuesday . The stock traded as low as $13.18 and last traded at $13.8530. Approximately 184,731,383 shares traded hands during trading, an increase of 140% from the average daily volume of 76,920,898 shares. The stock had previously closed at $14.59.

Analysts Set New Price Targets

NOK has been the topic of several analyst reports. Danske cut shares of Nokia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 24th. The Goldman Sachs Group upgraded shares of Nokia from a “sell” rating to a “neutral” rating in a report on Monday, March 30th. Argus raised shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Monday, April 27th. Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target for the company in a report on Monday, April 13th. Finally, Arete Research raised shares of Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $10.71.

Nokia Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57. The firm has a market cap of $81.26 billion, a P/E ratio of 88.46, a price-to-earnings-growth ratio of 2.69 and a beta of 1.15. The firm’s fifty day moving average price is $12.47 and its 200 day moving average price is $8.91.

Nokia (NYSE:NOK) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.06 EPS for the quarter. The firm had revenue of $5.21 billion during the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. Sell-side analysts expect that Nokia Corporation will post 0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. J2 Capital Management Inc raised its holdings in Nokia by 2.0% during the first quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company’s stock worth $548,000 after purchasing an additional 1,319 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Nokia by 6.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 22,426 shares of the technology company’s stock valued at $145,000 after buying an additional 1,450 shares during the period. Kathmere Capital Management LLC increased its stake in Nokia by 14.0% in the 1st quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company’s stock valued at $97,000 after buying an additional 1,483 shares during the period. Xponance LLC increased its stake in Nokia by 13.0% in the 4th quarter. Xponance LLC now owns 13,590 shares of the technology company’s stock valued at $88,000 after buying an additional 1,567 shares during the period. Finally, Assetmark Inc. boosted its position in shares of Nokia by 12.1% during the 1st quarter. Assetmark Inc. now owns 14,704 shares of the technology company’s stock worth $118,000 after purchasing an additional 1,591 shares in the last quarter. Institutional investors and hedge funds own 5.28% of the company’s stock.

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.