Nokia (NYSE:NOK) Shares Down 2.6% – Here’s What Happened

Nokia Corporation (NYSE:NOK)’s share price dropped 2.6% during mid-day trading on Thursday . The stock traded as low as $15.08 and last traded at $15.2750. Approximately 115,809,085 shares traded hands during mid-day trading, an increase of 62% from the average daily volume of 71,388,820 shares. The stock had previously closed at $15.68.

Analyst Upgrades and Downgrades

NOK has been the topic of several research analyst reports. Santander upgraded shares of Nokia from a “neutral” rating to an “outperform” rating in a research note on Monday, February 2nd. Northland Securities set a $13.00 target price on Nokia in a research report on Monday, April 20th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a research report on Friday, May 15th. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Finally, Arete Research raised Nokia from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 29th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.71.

Nokia Stock Performance

The stock has a market capitalization of $84.99 billion, a P/E ratio of 92.51, a PEG ratio of 2.96 and a beta of 1.12. The firm has a 50-day moving average of $11.32 and a 200 day moving average of $8.41. The company has a quick ratio of 1.36, a current ratio of 1.57 and a debt-to-equity ratio of 0.11.

Nokia (NYSE:NOK) last issued its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.06 earnings per share (EPS) for the quarter. The company had revenue of $5.21 billion during the quarter. Nokia had a return on equity of 9.05% and a net margin of 4.02%. Research analysts anticipate that Nokia Corporation will post 0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. J2 Capital Management Inc raised its stake in Nokia by 2.0% in the 1st quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company’s stock valued at $548,000 after acquiring an additional 1,319 shares during the period. Janney Montgomery Scott LLC raised its stake in Nokia by 6.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 22,426 shares of the technology company’s stock valued at $145,000 after acquiring an additional 1,450 shares during the period. Kathmere Capital Management LLC raised its stake in Nokia by 14.0% in the 1st quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company’s stock valued at $97,000 after acquiring an additional 1,483 shares during the period. Xponance LLC raised its stake in Nokia by 13.0% in the 4th quarter. Xponance LLC now owns 13,590 shares of the technology company’s stock valued at $88,000 after acquiring an additional 1,567 shares during the period. Finally, Assetmark Inc. raised its stake in Nokia by 12.1% in the 1st quarter. Assetmark Inc. now owns 14,704 shares of the technology company’s stock valued at $118,000 after acquiring an additional 1,591 shares during the period. 5.28% of the stock is owned by institutional investors.

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.