Nokia (NYSE:NOK) Stock Price Down 4.7% – What’s Next?

Nokia Corporation (NYSE:NOK)’s stock price dropped 4.7% during trading on Wednesday . The company traded as low as $9.99 and last traded at $9.9150. Approximately 16,907,204 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 52,563,500 shares. The stock had previously closed at $10.40.

Analysts Set New Price Targets

NOK has been the subject of a number of recent analyst reports. Arete Research downgraded Nokia from a “buy” rating to a “neutral” rating in a research report on Friday, March 13th. Kepler Capital Markets upgraded Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, January 7th. Argus upgraded Nokia to a “hold” rating in a report on Wednesday, February 11th. Northland Securities set a $13.00 target price on Nokia in a report on Monday. Finally, Citigroup reiterated a “sell” rating on shares of Nokia in a report on Friday, January 23rd. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $8.83.

Nokia Stock Down 4.1%

The stock has a market cap of $57.28 billion, a price-to-earnings ratio of 76.69, a PEG ratio of 1.93 and a beta of 0.77. The company has a quick ratio of 1.36, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. The stock has a fifty day moving average of $8.39 and a two-hundred day moving average of $7.09.

Nokia (NYSE:NOK) last issued its earnings results on Thursday, March 5th. The technology company reported $0.11 earnings per share for the quarter. The firm had revenue of $7.19 billion for the quarter. Nokia had a return on equity of 8.54% and a net margin of 3.41%. As a group, analysts predict that Nokia Corporation will post 0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. J2 Capital Management Inc lifted its stake in shares of Nokia by 2.0% during the first quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company’s stock worth $548,000 after purchasing an additional 1,319 shares in the last quarter. SmartHarvest Portfolios LLC acquired a new position in shares of Nokia during the first quarter worth about $120,000. Aaron Wealth Advisors LLC lifted its stake in shares of Nokia by 20.6% during the first quarter. Aaron Wealth Advisors LLC now owns 71,285 shares of the technology company’s stock worth $573,000 after purchasing an additional 12,184 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in shares of Nokia by 4.8% during the first quarter. Kestra Private Wealth Services LLC now owns 46,508 shares of the technology company’s stock worth $374,000 after purchasing an additional 2,149 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its stake in shares of Nokia by 151.8% during the first quarter. Ritholtz Wealth Management now owns 59,163 shares of the technology company’s stock worth $476,000 after purchasing an additional 35,663 shares in the last quarter. Institutional investors and hedge funds own 5.28% of the company’s stock.

Nokia Company Profile

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.