Nokia (NYSE:NOK) Stock Price Down 1.5% – What’s Next?

Nokia Corporation (NYSE:NOK)’s share price was down 1.5% during mid-day trading on Thursday . The company traded as low as $9.30 and last traded at $9.4320. Approximately 46,895,481 shares traded hands during trading, a decline of 43% from the average daily volume of 82,038,000 shares. The stock had previously closed at $9.58.

Analyst Upgrades and Downgrades

NOK has been the subject of a number of recent analyst reports. Barclays reaffirmed an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a research report on Tuesday, June 9th. Argus upgraded Nokia from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Monday, April 27th. Arete Research raised Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen downgraded Nokia from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Trading Down 1.5%

The stock’s 50 day simple moving average is $12.47 and its 200 day simple moving average is $10.44. The firm has a market cap of $54.16 billion, a PE ratio of 67.37, a PEG ratio of 1.17 and a beta of 1.19. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.22 and a current ratio of 1.50.

Nokia (NYSE:NOK) last announced its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The company had revenue of $5.50 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same period in the previous year, the business earned $0.04 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, sell-side analysts forecast that Nokia Corporation will post 0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nokia

A number of large investors have recently made changes to their positions in NOK. Fifth Third Bancorp increased its holdings in Nokia by 248.7% in the 4th 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 in the last quarter. Wexford Capital LP bought a new position in shares of Nokia during the 3rd quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd bought a new position in Nokia during the third quarter valued at $34,000. Smithfield Trust Co purchased a new position in shares of Nokia in the 4th quarter worth $35,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Nokia by 86.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company’s stock worth $39,000 after buying an additional 2,773 shares during the last quarter. 5.28% of the stock is currently owned by institutional investors.

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.