Nokia Corporation (NYSE:NOK)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $5.90, but opened at $6.17. Nokia Corporation shares last traded at $6.37, with a volume of 27,359,828 shares trading hands.

The technology company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.05. Nokia Corporation had a negative net margin of 1.78% and a positive return on equity of 8.20%. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.64 billion. During the same period in the prior year, the company posted $0.03 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis.

A number of equities analysts have recently issued reports on NOK shares. BMO Capital Markets set a $6.00 price objective on shares of Nokia Corporation and gave the company a “hold” rating in a research note on Wednesday, July 26th. BidaskClub downgraded shares of Nokia Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Canaccord Genuity restated a “hold” rating and issued a $7.00 target price on shares of Nokia Corporation in a research note on Thursday, July 27th. Citigroup Inc. initiated coverage on shares of Nokia Corporation in a research note on Thursday, June 8th. They issued a “neutral” rating and a $6.00 target price for the company. Finally, Vetr downgraded shares of Nokia Corporation from a “strong-buy” rating to a “buy” rating and set a $7.13 target price for the company. in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $6.24.

Large investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp increased its stake in shares of Nokia Corporation by 0.6% in the first quarter. Stifel Financial Corp now owns 107,834 shares of the technology company’s stock valued at $583,000 after buying an additional 691 shares during the last quarter. Greenleaf Trust increased its stake in shares of Nokia Corporation by 2.4% in the second quarter. Greenleaf Trust now owns 33,585 shares of the technology company’s stock valued at $207,000 after buying an additional 801 shares during the last quarter. Carl Domino Inc increased its stake in shares of Nokia Corporation by 2.2% in the first quarter. Carl Domino Inc now owns 46,400 shares of the technology company’s stock valued at $251,000 after buying an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Nokia Corporation by 1.7% in the first quarter. PNC Financial Services Group Inc. now owns 82,075 shares of the technology company’s stock valued at $445,000 after buying an additional 1,359 shares during the last quarter. Finally, Creative Planning increased its stake in shares of Nokia Corporation by 3.6% in the first quarter. Creative Planning now owns 49,305 shares of the technology company’s stock valued at $267,000 after buying an additional 1,727 shares during the last quarter. 5.91% of the stock is currently owned by institutional investors and hedge funds.

The firm’s market cap is $36.76 billion. The firm has a 50 day moving average of $6.30 and a 200 day moving average of $5.68.

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Nokia Corporation Company Profile

Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies.

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