Nokia (NYSE:NOK) Stock Price Down 4.9% – Here’s Why

Nokia Corporation (NYSE:NOK) shares were down 4.9% on Wednesday . The stock traded as low as $15.54 and last traded at $15.6590. Approximately 121,897,387 shares changed hands during trading, an increase of 72% from the average daily volume of 70,927,516 shares. The stock had previously closed at $16.46.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NOK. Wall Street Zen cut Nokia from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Bank of America upgraded Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target for the company in a research report on Monday, April 13th. Santander raised Nokia from a “neutral” rating to an “outperform” rating in a report on Monday, February 2nd. Arete Research upgraded Nokia from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 29th. Finally, The Goldman Sachs Group raised shares of Nokia from a “sell” rating to a “neutral” rating in a report on Monday, March 30th. Twelve 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.71.

Nokia Price Performance

The company has a current ratio of 1.57, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $11.19 and a 200 day moving average price of $8.37. The stock has a market capitalization of $84.99 billion, a price-to-earnings ratio of 92.97, a PEG ratio of 3.04 and a beta of 1.12.

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 company had revenue of $5.21 billion during the quarter. Nokia had a return on equity of 9.05% and a net margin of 4.02%. As a group, equities research analysts expect that Nokia Corporation will post 0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp raised its position in Nokia by 248.7% during the fourth 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 lifted its holdings in Nokia by 33,457.1% during the fourth quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after purchasing an additional 4,684 shares in the last quarter. Dorato Capital Management acquired a new stake in shares of Nokia in the fourth quarter valued at about $31,000. Smithfield Trust Co purchased a new stake in shares of Nokia during the fourth quarter worth about $35,000. Finally, Wexford Capital LP purchased a new stake in shares of Nokia during the third quarter worth about $29,000. Hedge funds and other 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.