Nokia (NYSE:NOK) Shares Down 2.8% – Time to Sell?

Nokia Corporation (NYSE:NOK) shares were down 2.8% during mid-day trading on Wednesday . The stock traded as low as $12.72 and last traded at $12.91. 55,012,207 shares changed hands during trading, a decline of 31% from the average daily volume of 79,848,055 shares. The stock had previously closed at $13.28.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NOK shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a research report on Friday, May 15th. Nordea Equity Research raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Northland Securities set a $20.00 price objective on shares of Nokia in a report on Wednesday, June 3rd. Morgan Stanley reissued an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Finally, Danske raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday. Thirteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Down 2.8%

The firm has a market capitalization of $74.13 billion, a price-to-earnings ratio of 80.69, a price-to-earnings-growth ratio of 2.53 and a beta of 1.15. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average price of $13.71 and a two-hundred day moving average price of $9.67.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NOK. Analog Century Management LP purchased a new position in Nokia in the 4th quarter valued at about $104,244,000. Arrowstreet Capital Limited Partnership increased its position in shares of Nokia by 50.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock worth $208,873,000 after acquiring an additional 14,482,665 shares during the last quarter. ARGA Investment Management LP increased its position in shares of Nokia by 166.4% during the first quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock worth $163,921,000 after acquiring an additional 12,734,021 shares during the last quarter. Pzena Investment Management LLC lifted its stake in shares of Nokia by 14.5% in the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock worth $594,868,000 after acquiring an additional 11,612,590 shares in the last quarter. Finally, Alyeska Investment Group L.P. boosted its holdings in Nokia by 171.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock valued at $113,161,000 after purchasing an additional 11,035,002 shares during the last quarter. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

Nokia Company Profile

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.