Nokia (NYSE:NOK) Shares Up 9.4% – Here’s Why
by Danessa Lincoln · The Markets DailyNokia Corporation (NYSE:NOK – Get Free Report)’s stock price shot up 9.4% on Wednesday . The stock traded as high as $10.50 and last traded at $10.33. 115,331,401 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 81,674,320 shares. The stock had previously closed at $9.44.
Analyst Ratings Changes
A number of research analysts recently issued reports on NOK shares. Barclays reiterated an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Morgan Stanley reissued an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a research note on Tuesday, June 9th. Finally, Arete Research raised Nokia from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 29th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.57.
View Our Latest Report on Nokia
Nokia Trading Up 9.4%
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 stock has a market capitalization of $59.32 billion, a PE ratio of 73.79, a PEG ratio of 1.08 and a beta of 1.19. The business’s 50-day moving average is $11.96 and its two-hundred day moving average is $10.52.
Nokia (NYSE:NOK – Get Free Report) last posted its earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The business had revenue of $5.50 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter in the previous year, the firm earned $0.04 earnings per share. The business’s revenue was up 8.4% compared to the same quarter last year. On average, analysts anticipate that Nokia Corporation will post 0.39 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Nokia
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its position in Nokia by 248.7% in the 4th 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 during the last quarter. Smithfield Trust Co purchased a new stake in shares of Nokia in the fourth quarter valued at about $35,000. Wexford Capital LP purchased a new stake in shares of Nokia in the third quarter valued at about $29,000. CIBC Private Wealth Group LLC boosted its stake in shares of Nokia by 86.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company’s stock worth $39,000 after buying an additional 2,773 shares during the period. Finally, Barclays PLC acquired a new position in Nokia in the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 5.28% of the company’s stock.
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.