Nokia (NYSE:NOK) Shares Down 5.9% – Here’s Why

Shares of Nokia Corporation (NYSE:NOK) traded down 5.9% during mid-day trading on Wednesday . The company traded as low as $8.37 and last traded at $8.40. 93,250,304 shares traded hands during trading, an increase of 13% from the average daily volume of 82,159,508 shares. The stock had previously closed at $8.93.

Wall Street Analysts Forecast Growth

NOK has been the subject of a number of research reports. Barclays reissued an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Argus upgraded Nokia from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research report on Monday, April 27th. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a report on Friday, April 24th. Finally, Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price for the company in a report on Monday, April 13th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Performance

The stock has a market cap of $48.23 billion, a P/E ratio of 60.00, a PEG ratio of 1.05 and a beta of 1.17. The stock has a fifty day simple moving average of $13.18 and a 200-day simple moving average of $10.32. The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.09.

Nokia (NYSE:NOK) last announced its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. Nokia’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the company posted $0.04 EPS. Equities analysts expect that Nokia Corporation will post 0.41 earnings per share for the current fiscal year.

Institutional Trading of Nokia

A number of large investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC increased its position in shares of Nokia by 14.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 21,184 shares of the technology company’s stock valued at $281,000 after buying an additional 2,748 shares in the last quarter. FNY Investment Advisers LLC bought a new position in Nokia during the second quarter worth about $436,000. Foster Group Inc. acquired a new position in Nokia in the second quarter valued at about $138,000. GAMMA Investing LLC increased its holdings in shares of Nokia by 16.6% in the second quarter. GAMMA Investing LLC now owns 26,390 shares of the technology company’s stock worth $350,000 after acquiring an additional 3,751 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in shares of Nokia during the second quarter worth about $720,000. 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.