Nokia (NYSE:NOK) Reaches New 12-Month High – Here’s What Happened

Nokia Corporation (NYSE:NOK)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $8.84 and last traded at $8.8150, with a volume of 91733996 shares. The stock had previously closed at $8.27.

Analysts Set New Price Targets

NOK has been the topic of a number of recent analyst reports. Argus upgraded shares of Nokia to a “hold” rating in a research report on Wednesday, February 11th. Danske cut Nokia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 24th. The Goldman Sachs Group raised Nokia from a “sell” rating to a “neutral” rating in a report on Monday. Kepler Capital Markets raised Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, January 7th. Finally, Citigroup reaffirmed a “sell” rating on shares of Nokia in a research note on Friday, January 23rd. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Nokia presently has a consensus rating of “Hold” and an average price target of $7.01.

Nokia Trading Up 6.6%

The company has a market cap of $50.62 billion, a P/E ratio of 67.81, a PEG ratio of 2.78 and a beta of 0.80. The firm’s 50 day moving average is $7.57 and its two-hundred day moving average is $6.59. The company has a quick ratio of 1.36, a current ratio of 1.58 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Nokia

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp grew its holdings in Nokia by 248.7% in 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 during the period. Wexford Capital LP acquired a new position in Nokia during the 3rd quarter worth approximately $29,000. FNY Investment Advisers LLC raised 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 worth $30,000 after buying an additional 4,684 shares during the period. Dorato Capital Management bought a new position in Nokia in the fourth quarter worth approximately $31,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Nokia in the third quarter valued at approximately $34,000. 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.