Nokia (NYSE:NOK) Shares Down 1.5% – Here’s Why

Nokia Corporation (NYSE:NOK) shares traded down 1.5% on Thursday . The stock traded as low as $9.30 and last traded at $9.4320. Approximately 46,895,481 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 82,038,000 shares. The stock had previously closed at $9.58.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on NOK shares. JPMorgan Chase & Co. raised their price target on Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Bank of America upgraded shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target on the stock in a report on Monday, April 13th. Barclays reissued an “underweight” rating on shares of Nokia in a research report on Wednesday, April 29th. Wall Street Zen cut Nokia from a “buy” rating to a “hold” rating in a research note on Sunday, May 3rd. Finally, Nordea Equity Research upgraded Nokia from a “hold” rating to a “buy” rating in a report on Friday, April 24th. Thirteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Nokia currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.57.

Nokia Price Performance

The stock’s fifty day simple moving average is $12.47 and its 200 day simple moving average is $10.44. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.22. The firm has a market capitalization of $54.16 billion, a P/E ratio of 67.37, a P/E/G ratio of 1.17 and a beta of 1.19.

Nokia (NYSE:NOK) last issued its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The firm had revenue of $5.50 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the prior year, the business posted $0.04 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities research analysts predict that Nokia Corporation will post 0.39 EPS for the current year.

Institutional Trading of Nokia

Large investors have recently bought and sold shares of the stock. Fifth Third Bancorp raised its holdings in shares of Nokia by 248.7% in the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after buying an additional 2,721 shares during the last quarter. Wexford Capital LP acquired a new stake in Nokia during the 3rd quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in Nokia during the 3rd quarter valued at about $34,000. Smithfield Trust Co purchased a new position in shares of Nokia in the fourth quarter worth about $35,000. Finally, CIBC Private Wealth Group LLC boosted its position in Nokia by 86.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company’s stock valued at $39,000 after buying an additional 2,773 shares during the last quarter. Hedge funds and other institutional investors 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.