Nokian Renkaat Oyj (OTCMKTS:NKRKY) Stock Falls 4.8% – Here’s Why

Nokian Renkaat Oyj (OTCMKTS:NKRKY) dropped 4.8% during mid-day trading on Monday. The company traded as low as $7.54 and last traded at $7.56. 1,979 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 4,027 shares. The stock had previously closed at $7.94.

Wall Street Analysts Forecast Growth

Separately, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Nokian Renkaat Oyj in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Hold rating. According to MarketBeat.com, Nokian Renkaat Oyj currently has an average rating of “Hold”.

Nokian Renkaat Oyj Stock Down 4.8%

The firm’s 50-day moving average price is $8.84 and its two-hundred day moving average price is $7.47.

Nokian Renkaat Oyj (OTCMKTS:NKRKY) last issued its quarterly earnings results on Friday, July 17th. The company reported $0.08 earnings per share for the quarter. The business had revenue of $441.65 million for the quarter.

Nokian Renkaat Oyj Company Profile

Nokian Renkaat Oyj, also known as Nokian Tyres, is a Finland-based tire manufacturer specializing in products designed for demanding weather and road conditions. The company develops and sells tires for passenger cars, SUVs, vans, trucks, buses, and heavy machinery, including winter, all-season, summer, and specialty tires.

Nokian Tyres serves customers primarily in the Nordic countries, other parts of Europe, and North America. Its products are sold through tire dealers, automotive retailers, distributors, and the company’s Vianor service network, which provides tire sales, installation, maintenance, and related automotive services.

The company’s history dates back to the early 20th century, with tire production beginning in Nokia, Finland, in the 1930s.