Nokia (NYSE:NOK) Stock Price Down 2.3% – Here’s What Happened

Nokia Corporation (NYSE:NOK)’s stock price traded down 2.3% during trading on Thursday . The stock traded as low as $13.29 and last traded at $13.5140. 125,089,322 shares changed hands during trading, an increase of 58% from the average daily volume of 79,131,719 shares. The stock had previously closed at $13.83.

Analyst Ratings Changes

Several research analysts have issued reports on the company. The Goldman Sachs Group upgraded Nokia from a “sell” rating to a “neutral” rating in a research report on Monday, March 30th. JPMorgan Chase & Co. raised their price target on Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Barclays restated an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Finally, Northland Securities set a $20.00 target price on Nokia in a research note on Wednesday, June 3rd. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Stock Performance

The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $77.60 billion, a PE ratio of 84.47, a PEG ratio of 2.72 and a beta of 1.15. The firm’s 50-day simple moving average is $13.04 and its 200-day simple moving average is $9.20.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Amundi bought a new stake in shares of Nokia in the 1st quarter valued at about $776,000. AQR Capital Management LLC increased its holdings in Nokia by 27.5% during the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock valued at $985,000 after buying an additional 40,276 shares during the period. Millennium Management LLC increased its holdings in Nokia by 6,539.2% during the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock valued at $14,975,000 after buying an additional 2,798,758 shares during the period. NewEdge Advisors LLC raised its stake in 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 buying an additional 59,505 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Nokia by 8.7% during the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock worth $66,140,000 after buying an additional 1,002,033 shares during the period. 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.