Nokia (NYSE:NOK) Trading Up 5.6% – Here’s Why

Nokia Corporation (NYSE:NOK)’s stock price was up 5.6% on Thursday . The company traded as high as $14.17 and last traded at $14.1520. Approximately 92,647,945 shares were traded during mid-day trading, an increase of 20% from the average daily volume of 77,257,438 shares. The stock had previously closed at $13.40.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NOK. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Barclays reaffirmed an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Wall Street Zen downgraded Nokia from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. The Goldman Sachs Group upgraded Nokia from a “sell” rating to a “neutral” rating in a research note on Monday, March 30th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Twelve research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Nokia currently has an average rating of “Moderate Buy” and a consensus price target of $10.71.

Nokia Stock Up 5.6%

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57. The business has a 50 day simple moving average of $12.47 and a 200-day simple moving average of $8.91. The firm has a market capitalization of $81.26 billion, a price-to-earnings ratio of 88.46, a P/E/G ratio of 2.69 and a beta of 1.15.

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

Institutional Investors Weigh In On Nokia

Several institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp grew its holdings 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 purchasing an additional 2,721 shares in the last quarter. Wexford Capital LP acquired a new stake in Nokia during the 3rd quarter worth $29,000. FNY Investment Advisers LLC boosted its position 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 purchasing an additional 4,684 shares during the period. Dorato Capital Management acquired a new position in shares of Nokia in the 4th quarter valued at $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Nokia in the third quarter valued at about $34,000. Hedge funds and other institutional investors 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.