Nokia (NYSE:NOK) Trading Up 2.3% – Here’s Why

Nokia Corporation (NYSE:NOK) shares shot up 2.3% during trading on Monday . The stock traded as high as $9.43 and last traded at $9.35. Approximately 60,686,370 shares were traded during trading, a decline of 26% from the average daily volume of 82,270,641 shares. The stock had previously closed at $9.14.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Morgan Stanley restated an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Danske upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, July 1st. Bank of America upgraded Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target on the stock in a research report on Monday, April 13th. JPMorgan Chase & Co. upped their price objective on shares of Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Thirteen investment 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, Nokia has an average rating of “Moderate Buy” and an average target price of $12.57.

Nokia Price Performance

The stock has a market capitalization of $53.69 billion, a P/E ratio of 66.79, a price-to-earnings-growth ratio of 1.04 and a beta of 1.17. The business’s 50 day simple moving average is $12.85 and its two-hundred day simple moving average is $10.37. 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 posted its earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The company had revenue of $5.50 billion for 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 firm’s revenue was up 8.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Nokia Corporation will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NOK. Analog Century Management LP bought a new position in Nokia during the 4th quarter valued at $104,244,000. QRG Capital Management Inc. raised its holdings 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 last quarter. SummitTX Capital L.P. raised its holdings in shares of Nokia by 219.4% in the first quarter. SummitTX Capital L.P. now owns 245,559 shares of the technology company’s stock valued at $1,974,000 after purchasing an additional 168,688 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new position in Nokia during the first quarter worth about $9,634,000. Finally, Renaissance Technologies LLC grew its position in Nokia by 131.3% in the 1st quarter. Renaissance Technologies LLC now owns 13,294,780 shares of the technology company’s stock worth $106,890,000 after purchasing an additional 7,546,000 shares in the last quarter. 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.