Nokia (NYSE:NOK) Trading Down 2.5% – Should You Sell?

Shares of Nokia Corporation (NYSE:NOK) were down 2.5% on Monday . The stock traded as low as $9.77 and last traded at $9.9560. Approximately 47,224,884 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 81,685,969 shares. The stock had previously closed at $10.21.

Analyst Upgrades and Downgrades

NOK has been the topic of several research analyst reports. Danske raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. upped their price target on shares of Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Argus upgraded shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Monday, April 27th. Barclays reiterated an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Nokia in a report on Friday, May 15th. Thirteen analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Nokia has a consensus rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Trading Down 2.5%

The firm has a market capitalization of $57.17 billion, a price-to-earnings ratio of 71.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.19. The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $11.26 and its 200 day moving average is $10.73.

Nokia (NYSE:NOK) last posted its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. The firm had revenue of $5.50 billion for the quarter, compared to analyst estimates of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.04 earnings per share. Equities analysts forecast that Nokia Corporation will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On Nokia

Hedge funds have recently modified their holdings of the stock. Amundi acquired a new stake in Nokia during the 1st quarter worth about $776,000. AQR Capital Management LLC boosted its holdings in shares of Nokia by 27.5% in the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock worth $985,000 after buying an additional 40,276 shares during the period. Millennium Management LLC boosted its holdings in shares of Nokia by 6,539.2% in the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock worth $14,975,000 after buying an additional 2,798,758 shares during the period. NewEdge Advisors LLC increased its position in shares of Nokia by 6,204.9% in the first quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock worth $319,000 after acquiring an additional 59,505 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Nokia by 8.7% during the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock valued at $66,140,000 after acquiring an additional 1,002,033 shares during the period. 5.28% of the stock is currently owned by institutional investors and hedge funds.

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.