Nokia (NYSE:NOK) Shares Gap Up – Should You Buy?

Shares of Nokia Corporation (NYSE:NOK) gapped up prior to trading on Monday . The stock had previously closed at $8.82, but opened at $9.15. Nokia shares last traded at $8.9250, with a volume of 21,583,189 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NOK. Danske cut shares of Nokia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Citigroup restated a “sell” rating on shares of Nokia in a report on Friday, January 23rd. Morgan Stanley assumed coverage on shares of Nokia in a research report on Monday, February 9th. They set an “overweight” rating and a $8.00 price target on the stock. The Goldman Sachs Group upgraded shares of Nokia from a “sell” rating to a “neutral” rating in a report on Monday, March 30th. Finally, Santander raised shares of Nokia from a “neutral” rating to an “outperform” rating in a research report on Monday, February 2nd. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Nokia presently has an average rating of “Hold” and a consensus target price of $7.01.

Nokia Trading Up 2.6%

The company’s 50 day simple moving average is $7.66 and its two-hundred day simple moving average is $6.66. The company has a market cap of $51.94 billion, a PE ratio of 69.35, a price-to-earnings-growth ratio of 3.06 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.58 and a quick ratio of 1.36.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fifth Third Bancorp raised its stake in shares of Nokia by 248.7% in the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock valued at $25,000 after acquiring an additional 2,721 shares in the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Nokia by 33,457.1% in the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after buying an additional 4,684 shares during the period. Dorato Capital Management acquired a new position in shares of Nokia during the fourth quarter worth about $31,000. Smithfield Trust Co acquired a new position in shares of Nokia during the fourth quarter worth about $35,000. Finally, Wexford Capital LP purchased a new stake in shares of Nokia during the third quarter worth approximately $29,000. Hedge funds and other institutional investors own 5.28% of the company’s stock.

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.