Nokia (NYSE:NOK) Trading Up 1.7% – Should You Buy?

Nokia Corporation (NYSE:NOK)’s share price traded up 1.7% during trading on Monday . The stock traded as high as $9.37 and last traded at $9.2510. Approximately 96,866,434 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 81,847,891 shares. The stock had previously closed at $9.10.

Analyst Upgrades and Downgrades

NOK has been the subject of several recent research reports. Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a report on Tuesday, June 9th. JPMorgan Chase & Co. upped their price target on shares of Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Argus upgraded shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Finally, Nordea Equity Research upgraded Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Thirteen equities 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. Based on data from MarketBeat.com, Nokia currently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Trading Up 1.7%

The firm has a market cap of $53.12 billion, a price-to-earnings ratio of 66.08, a price-to-earnings-growth ratio of 1.04 and a beta of 1.17. The business has a 50 day moving average of $13.37 and a 200 day moving average of $10.29. 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 earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $5.50 billion during 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%. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.04 EPS. On average, research analysts forecast that Nokia Corporation will post 0.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nokia

Institutional investors have recently modified their holdings of the company. Analog Century Management LP purchased a new position in shares of Nokia during the 4th quarter worth $104,244,000. QRG Capital Management Inc. grew its position in shares of Nokia by 34.6% in the fourth quarter. QRG Capital Management Inc. now owns 539,926 shares of the technology company’s stock valued at $3,493,000 after purchasing an additional 138,935 shares during the period. Pzena Investment Management LLC grew its position 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 valued at $594,868,000 after purchasing an additional 11,612,590 shares during the period. Renaissance Technologies LLC increased its stake in Nokia by 131.3% in the first quarter. Renaissance Technologies LLC now owns 13,294,780 shares of the technology company’s stock valued at $106,890,000 after purchasing an additional 7,546,000 shares during the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new position in Nokia during the first quarter worth about $9,634,000. 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.