Nokia Corporation $NOK Shares Sold by Waterfront Wealth Inc.

Waterfront Wealth Inc. cut its holdings in Nokia Corporation (NYSE:NOK) by 12.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 673,350 shares of the technology company’s stock after selling 95,475 shares during the period. Waterfront Wealth Inc.’s holdings in Nokia were worth $3,488,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Harbour Investments Inc. lifted its position in Nokia by 7,046.5% in the 1st quarter. Harbour Investments Inc. now owns 5,074 shares of the technology company’s stock valued at $27,000 after purchasing an additional 5,003 shares during the last quarter. Wealthquest Corp bought a new stake in Nokia in the 1st quarter valued at about $27,000. FNY Investment Advisers LLC bought a new stake in Nokia in the 2nd quarter valued at about $34,000. Assetmark Inc. lifted its position in Nokia by 763.7% in the 1st quarter. Assetmark Inc. now owns 8,240 shares of the technology company’s stock valued at $43,000 after purchasing an additional 7,286 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in Nokia in the 1st quarter valued at about $51,000. 5.28% of the stock is owned by institutional investors and hedge funds.

Nokia Stock Up 22.2%

NOK stock opened at $7.78 on Wednesday. Nokia Corporation has a 52 week low of $3.91 and a 52 week high of $8.19. The company has a market capitalization of $41.84 billion, a price-to-earnings ratio of 43.20 and a beta of 0.85. The firm’s 50-day moving average is $4.95 and its two-hundred day moving average is $4.94. The company has a current ratio of 1.46, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12.

Nokia (NYSE:NOK) last released its quarterly earnings results on Thursday, October 23rd. The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Nokia had a net margin of 4.65% and a return on equity of 8.31%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the previous year, the firm earned $0.06 EPS. Nokia’s revenue was up 11.6% on a year-over-year basis. On average, analysts forecast that Nokia Corporation will post 0.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on NOK. JPMorgan Chase & Co. lifted their price objective on shares of Nokia from $6.00 to $7.10 and gave the company an “overweight” rating in a research report on Friday, October 24th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a research report on Wednesday, October 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nokia in a research report on Wednesday, October 8th. Northland Securities set a $7.50 price target on shares of Nokia in a research report on Friday. Finally, Wall Street Zen upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research report on Saturday. Seven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $5.87.

Nokia Profile

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.