Nokia (NYSE:NOK) Trading Up 3.5% – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares traded up 3.5% during trading on Tuesday . The stock traded as high as $16.52 and last traded at $16.8080. 171,385,057 shares were traded during trading, an increase of 56% from the average session volume of 110,083,024 shares. The stock had previously closed at $16.24.

Analysts Set New Price Targets

Several analysts have commented on the company. Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Monday, April 27th. Danske downgraded Nokia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 24th. The Goldman Sachs Group raised Nokia from a “sell” rating to a “neutral” rating in a research note on Monday, March 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Finally, Bank of America raised Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price for the company in a research note on Monday, April 13th. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Nokia has an average rating of “Moderate Buy” and an average target price of $10.71.

Nokia Trading Down 0.7%

The firm has a market capitalization of $96.10 billion, a PE ratio of 104.60, a P/E/G ratio of 3.26 and a beta of 1.15. The business has a 50 day moving average price of $11.83 and a 200-day moving average price of $8.62. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

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

Institutional Investors Weigh In On Nokia

Institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp grew its holdings in shares of Nokia by 248.7% in the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after acquiring an additional 2,721 shares during the period. FNY Investment Advisers LLC grew its holdings in Nokia by 33,457.1% during the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after buying an additional 4,684 shares during the last quarter. Dorato Capital Management acquired a new stake in Nokia during the 4th quarter valued at $31,000. Smithfield Trust Co acquired a new stake in Nokia during the 4th quarter valued at $35,000. Finally, Wexford Capital LP acquired a new stake in Nokia during the 3rd quarter valued at $29,000. 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.