Nokia (NYSE:NOK) Shares Up 7% – Time to Buy?

Nokia Corporation (NYSE:NOK)’s share price traded up 7% during mid-day trading on Tuesday. The stock traded as high as $10.94 and last traded at $10.9150. 73,503,126 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 80,916,773 shares. The stock had previously closed at $10.20.

Analyst Ratings Changes

A number of research analysts have recently issued reports on NOK shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a report on Friday, September 4th. Rosenblatt Securities began coverage on shares of Nokia in a research note on Tuesday, September 15th. They set a “buy” rating and a $15.00 target price on the stock. JPMorgan Chase & Co. raised their price target on shares of Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Danske raised shares of Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, July 1st. Finally, B. Riley Financial initiated coverage on Nokia in a report on Thursday, September 17th. They set a “buy” rating and a $15.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have given 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 currently has an average rating of “Moderate Buy” and a consensus target price of $14.12.

Nokia Stock Down 5.1%

The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. The firm has a market cap of $57.88 billion, a PE ratio of 71.89, a PEG ratio of 1.30 and a beta of 1.19. The company’s 50 day moving average price is $10.19 and its two-hundred day moving average price is $11.36.

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

Institutional Trading of Nokia

Hedge funds and other institutional investors have recently modified their holdings of the company. Analog Century Management LP purchased a new stake in shares of Nokia during the 4th quarter worth approximately $104,244,000. SummitTX Capital L.P. lifted its holdings in shares of Nokia by 219.4% in the 1st quarter. SummitTX Capital L.P. now owns 245,559 shares of the technology company’s stock valued at $1,974,000 after acquiring an additional 168,688 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new position in Nokia in the first quarter worth about $9,634,000. Amundi purchased a new position in Nokia in the first quarter worth about $1,120,000. Finally, Renaissance Technologies LLC increased its stake in Nokia by 131.3% during the first quarter. Renaissance Technologies LLC now owns 13,294,780 shares of the technology company’s stock worth $106,890,000 after acquiring an additional 7,546,000 shares during the last quarter. 5.28% of the stock is owned by hedge funds and other institutional investors.

Nokia Company Profile

Nokia Oyj is a Finland-based technology company that develops and supplies communications networking equipment, software and related services. Its offerings support mobile and fixed broadband networks, including radio access networks, core networks, fiber and other fixed-access technologies, IP routing, optical networking, private wireless systems, cloud networking and network automation.

The company serves telecommunications operators, governments, enterprises and other organizations worldwide.