Nokia (NYSE:NOK) Stock Price Down 2.3% – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares fell 2.3% during mid-day trading on Thursday . The stock traded as low as $13.29 and last traded at $13.5140. Approximately 125,089,322 shares were traded during trading, an increase of 58% from the average daily volume of 79,131,719 shares. The stock had previously closed at $13.83.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NOK shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a report on Tuesday, June 9th. Barclays reissued an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Northland Securities set a $20.00 target price on shares of Nokia in a research report on Wednesday, June 3rd. Wall Street Zen lowered shares of Nokia from a “buy” rating to a “hold” rating in a research note on Sunday, May 3rd. Finally, Bank of America raised Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target on the stock in a report on Monday, April 13th. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.57.

Nokia Price Performance

The business has a fifty day moving average price of $13.22 and a 200 day moving average price of $9.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.57 and a quick ratio of 1.32. The company has a market capitalization of $77.60 billion, a price-to-earnings ratio of 84.47, a price-to-earnings-growth ratio of 2.62 and a beta of 1.15.

Nokia (NYSE:NOK) last posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.06 earnings per share for the quarter. The business had revenue of $5.21 billion during the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. On average, research analysts expect that Nokia Corporation will post 0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NOK. Fifth Third Bancorp raised its holdings 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 purchasing an additional 2,721 shares in the last quarter. Wexford Capital LP bought a new position in Nokia during the 3rd quarter valued at $29,000. FNY Investment Advisers LLC boosted its stake in Nokia by 33,457.1% during the 4th 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 position in shares of Nokia during the 4th quarter valued at $31,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Nokia in the 3rd quarter worth $34,000. 5.28% of the stock is currently owned by institutional investors.

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.