Nokia (NYSE:NOK) Stock Price Down 6.8% – Should You Sell?

Nokia Corporation (NYSE:NOK)’s share price dropped 6.8% during mid-day trading on Tuesday . The company traded as low as $13.83 and last traded at $13.8160. Approximately 75,674,929 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 78,052,609 shares. The stock had previously closed at $14.82.

Wall Street Analysts Forecast Growth

NOK has been the topic of a number of research analyst reports. Barclays reissued an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target on the stock in a research note on Monday, April 13th. Northland Securities set a $20.00 price target on shares of Nokia in a research note on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Finally, The Goldman Sachs Group raised shares of Nokia from a “sell” rating to a “neutral” rating in a research note on Monday, March 30th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Nokia currently has an average rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57. The firm’s 50 day simple moving average is $12.84 and its 200-day simple moving average is $9.09. The company has a market cap of $79.21 billion, a price-to-earnings ratio of 86.35, a PEG ratio of 2.88 and a beta of 1.15.

Nokia (NYSE:NOK) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.06 earnings per share (EPS) for the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. The company had revenue of $5.21 billion for the quarter. On average, sell-side analysts predict that Nokia Corporation will post 0.4 EPS for the current year.

Institutional Investors Weigh In On Nokia

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pzena Investment Management LLC raised its holdings in shares of Nokia by 14.5% during the 4th quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock worth $594,868,000 after acquiring an additional 11,612,590 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Nokia by 9.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 47,321,058 shares of the technology company’s stock worth $306,167,000 after acquiring an additional 3,896,363 shares during the period. ARGA Investment Management LP raised its holdings in shares of Nokia by 166.4% during the 1st quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock worth $163,921,000 after acquiring an additional 12,734,021 shares during the period. Alyeska Investment Group L.P. raised its holdings in shares of Nokia by 171.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock worth $113,161,000 after acquiring an additional 11,035,002 shares during the period. Finally, Analog Century Management LP purchased a new position in shares of Nokia during the 4th quarter worth $104,244,000. 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.