Nokia (NYSE:NOK) Shares Down 5.1% – Here’s Why

Shares of Nokia Corporation (NYSE:NOK) dropped 5.1% during trading on Tuesday . The stock traded as low as $13.18 and last traded at $13.8530. Approximately 184,731,383 shares changed hands during mid-day trading, an increase of 140% from the average daily volume of 76,920,898 shares. The stock had previously closed at $14.59.

Wall Street Analysts Forecast Growth

NOK has been the topic of several analyst reports. The Goldman Sachs Group upgraded Nokia from a “sell” rating to a “neutral” rating in a report on Monday, March 30th. Northland Securities set a $20.00 target price on Nokia in a report on Wednesday, June 3rd. Bank of America upgraded Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price on the stock in a report on Monday, April 13th. Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Finally, Danske cut Nokia from a “buy” rating to a “hold” rating in a report on Tuesday, February 24th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Nokia Price Performance

The stock has a market capitalization of $79.55 billion, a P/E ratio of 86.59, a PEG ratio of 2.78 and a beta of 1.15. The business has a fifty day simple moving average of $12.24 and a 200-day simple moving average of $8.80. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57.

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

Hedge Funds Weigh In On Nokia

A number of institutional investors and hedge funds have recently modified their holdings of NOK. Fifth Third Bancorp boosted its holdings in shares of Nokia by 248.7% during the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after buying an additional 2,721 shares in the last quarter. Wexford Capital LP acquired a new position in shares of Nokia during the third quarter worth approximately $29,000. FNY Investment Advisers LLC raised its position in shares of Nokia by 33,457.1% during the fourth quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock worth $30,000 after purchasing an additional 4,684 shares during the period. Dorato Capital Management acquired a new position in shares of Nokia during the fourth quarter worth approximately $31,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Nokia during the third quarter worth approximately $34,000. 5.28% of the stock is currently owned by institutional investors.

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.