Nokia (NYSE:NOK) Shares Gap Down – Should You Sell?

Nokia Corporation (NYSE:NOK)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $11.13, but opened at $10.04. Nokia shares last traded at $10.1050, with a volume of 24,161,698 shares traded.

Wall Street Analysts Forecast Growth

NOK has been the topic of several analyst reports. Danske upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Northland Securities set a $20.00 target price on Nokia in a research note on Wednesday, June 3rd. Morgan Stanley restated an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. JPMorgan Chase & Co. lifted their price objective on Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a research report on Friday, September 4th. Twelve 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $13.83.

Nokia Price Performance

The company has a market capitalization of $56.68 billion, a PE ratio of 70.61, a P/E/G ratio of 1.31 and a beta of 1.21. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. The stock has a fifty day simple moving average of $10.31 and a 200-day simple moving average of $11.06.

Nokia (NYSE:NOK) last released its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.50 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same period in the prior year, the firm posted $0.04 EPS. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Equities analysts anticipate that Nokia Corporation will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On Nokia

Several hedge funds have recently added to or reduced their stakes in the stock. Sequoia Financial Advisors LLC increased its stake in Nokia by 15.0% in the second quarter. Sequoia Financial Advisors LLC now owns 112,046 shares of the technology company’s stock valued at $1,488,000 after purchasing an additional 14,657 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Nokia by 47.2% in the 2nd quarter. Tidal Investments LLC now owns 177,142 shares of the technology company’s stock valued at $2,352,000 after buying an additional 56,807 shares in the last quarter. Bienville Capital Management LLC purchased a new position in shares of Nokia in the 2nd quarter valued at $1,754,000. Engineers Gate Manager LP raised its stake in Nokia by 19.2% during the 2nd quarter. Engineers Gate Manager LP now owns 1,864,080 shares of the technology company’s stock worth $24,755,000 after acquiring an additional 300,807 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in Nokia by 155.7% during the 2nd quarter. NewEdge Advisors LLC now owns 37,812 shares of the technology company’s stock worth $502,000 after acquiring an additional 23,024 shares in the last quarter. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

Nokia Company Profile

Nokia Corporation is a Finland-based technology company that provides communications and networking equipment, software, and related services to telecommunications operators, enterprises, governments, and other organizations worldwide. Its offerings support the design, deployment, management, and modernization of fixed and mobile communications networks.

The company’s business includes mobile network infrastructure, radio access networks, core networks, cloud networking, broadband access, optical networking, IP routing, data-center networking, and network automation.