Nokia (NYSE:NOK) Shares Down 2.8% – Time to Sell?

Nokia Corporation (NYSE:NOK) fell 2.8% during trading on Wednesday . The company traded as low as $12.72 and last traded at $12.91. 55,012,207 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 79,848,055 shares. The stock had previously closed at $13.28.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NOK. Wall Street Zen cut shares of Nokia from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. The Goldman Sachs Group upgraded Nokia from a “sell” rating to a “neutral” rating in a research report on Monday, March 30th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Nokia in a report on Friday, May 15th. Morgan Stanley reissued an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Finally, Bank of America raised Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target on the stock in a research report on Monday, April 13th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Nokia Price Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57. The company has a market capitalization of $69.25 billion, a PE ratio of 75.38, a P/E/G ratio of 2.51 and a beta of 1.17. The company’s 50-day simple moving average is $13.79 and its 200-day simple moving average is $9.76.

Nokia (NYSE:NOK) last announced its earnings results on Tuesday, March 31st. The technology company reported $0.06 EPS for the quarter. The business had revenue of $5.21 billion during the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. As a group, sell-side analysts anticipate that Nokia Corporation will post 0.4 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Analog Century Management LP acquired a new stake in shares of Nokia in the 4th quarter worth $104,244,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Nokia by 50.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock worth $208,873,000 after acquiring an additional 14,482,665 shares during the period. ARGA Investment Management LP increased its stake in shares of Nokia by 166.4% during the first quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock worth $163,921,000 after acquiring an additional 12,734,021 shares during the period. Pzena Investment Management LLC raised its holdings in Nokia by 14.5% during the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock worth $594,868,000 after purchasing an additional 11,612,590 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in Nokia by 171.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock worth $113,161,000 after purchasing an additional 11,035,002 shares in the last quarter. Institutional investors and hedge funds own 5.28% of the company’s stock.

Nokia Company Profile

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.