Nokia (NYSE:NOK) Sets New 1-Year High – Time to Buy?

Shares of Nokia Corporation (NYSE:NOK) hit a new 52-week high on Friday . The company traded as high as $8.66 and last traded at $8.4550, with a volume of 26449770 shares traded. The stock had previously closed at $8.14.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on NOK shares. Kepler Capital Markets upgraded Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, January 7th. Santander raised Nokia from a “neutral” rating to an “outperform” rating in a research note on Monday, February 2nd. Arete Research lowered shares of Nokia from a “buy” rating to a “neutral” rating in a report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Nokia from $7.10 to $8.00 and gave the stock an “overweight” rating in a research report on Monday, December 1st. Finally, Citigroup reissued a “sell” rating on shares of Nokia in a report on Friday, January 23rd. Eight investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.01.

Nokia Price Performance

The stock has a market cap of $47.40 billion, a P/E ratio of 63.50, a price-to-earnings-growth ratio of 2.88 and a beta of 0.80. The business has a 50-day simple moving average of $7.09 and a 200 day simple moving average of $6.20. The company has a current ratio of 1.58, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amundi bought a new stake in shares of Nokia in the 1st quarter valued at $776,000. AQR Capital Management LLC lifted its holdings in Nokia by 27.5% in the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock valued at $985,000 after buying an additional 40,276 shares during the period. Millennium Management LLC boosted its position in Nokia by 6,539.2% during the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock valued at $14,975,000 after acquiring an additional 2,798,758 shares during the last quarter. NewEdge Advisors LLC boosted its position in Nokia by 6,204.9% during the first quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock valued at $319,000 after acquiring an additional 59,505 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Nokia by 8.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock worth $66,140,000 after acquiring an additional 1,002,033 shares during the period. 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.