Nokia (NYSE:NOK) Shares Gap Down – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares gapped down prior to trading on Wednesday . The stock had previously closed at $6.64, but opened at $6.24. Nokia shares last traded at $6.1450, with a volume of 32,035,845 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NOK. Santander downgraded shares of Nokia to a “neutral” rating in a research report on Wednesday, October 29th. JPMorgan Chase & Co. lifted their price target on Nokia from $6.00 to $7.10 and gave the company an “overweight” rating in a research note on Friday, October 24th. Wall Street Zen downgraded Nokia from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. BNP Paribas Exane raised Nokia from a “neutral” rating to an “outperform” rating and set a $5.00 price objective on the stock in a report on Wednesday, September 3rd. Finally, Jefferies Financial Group raised Nokia from a “hold” rating to a “buy” rating in a research note on Tuesday, October 28th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $5.87.

Nokia Trading Down 9.1%

The company has a 50 day simple moving average of $5.71 and a 200 day simple moving average of $5.13. The company has a market capitalization of $32.47 billion, a PE ratio of 33.64 and a beta of 0.84. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.46.

Nokia (NYSE:NOK) last released its earnings results on Thursday, October 23rd. The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. Nokia had a return on equity of 8.31% and a net margin of 4.65%.The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter last year, the business posted $0.06 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. Analysts anticipate that Nokia Corporation will post 0.34 earnings per share for the current year.

Institutional Investors Weigh In On Nokia

Hedge funds have recently modified their holdings of the business. Harbour Investments Inc. boosted its position in Nokia by 7,046.5% during the first quarter. Harbour Investments Inc. now owns 5,074 shares of the technology company’s stock worth $27,000 after acquiring an additional 5,003 shares during the last quarter. Wealthquest Corp acquired a new position in shares of Nokia during the 1st quarter worth approximately $27,000. Wexford Capital LP purchased a new stake in shares of Nokia in the third quarter valued at approximately $29,000. FNY Investment Advisers LLC acquired a new stake in shares of Nokia in the second quarter valued at approximately $34,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Nokia during the third quarter worth $34,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Nokia Company 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.