Nokia (NYSE:NOK) Trading 2.1% Higher – Time to Buy?

Nokia Corporation (NYSE:NOK)’s share price shot up 2.1% during trading on Friday . The company traded as high as $10.84 and last traded at $10.7850. 68,178,054 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 81,750,781 shares. The stock had previously closed at $10.56.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Nordea Equity Research raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nokia in a research note on Tuesday, June 9th. JPMorgan Chase & Co. boosted their price objective on shares of Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Finally, Northland Securities set a $20.00 price target on shares of Nokia in a research report on Wednesday, June 3rd. Thirteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.57.

Nokia Stock Performance

The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. The stock’s 50 day moving average price is $11.71 and its two-hundred day moving average price is $10.57. The firm has a market capitalization of $61.93 billion, a PE ratio of 77.04, a PEG ratio of 1.22 and a beta of 1.19.

Nokia (NYSE:NOK) last released its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $5.50 billion during the quarter, compared to analysts’ expectations of $5.57 billion. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.04 earnings per share. On average, equities analysts expect that Nokia Corporation will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On Nokia

Institutional investors have recently modified their holdings of the company. J2 Capital Management Inc raised its holdings in Nokia by 2.0% in the 1st quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company’s stock valued at $548,000 after acquiring an additional 1,319 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Nokia by 6.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 22,426 shares of the technology company’s stock valued at $145,000 after purchasing an additional 1,450 shares during the last quarter. Kathmere Capital Management LLC boosted its stake in Nokia by 14.0% in the 1st quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company’s stock worth $97,000 after buying an additional 1,483 shares during the last quarter. Xponance LLC boosted its position in shares of Nokia by 13.0% in the fourth quarter. Xponance LLC now owns 13,590 shares of the technology company’s stock worth $88,000 after acquiring an additional 1,567 shares during the last quarter. Finally, Assetmark Inc. raised its stake in Nokia by 12.1% during the first quarter. Assetmark Inc. now owns 14,704 shares of the technology company’s stock worth $118,000 after purchasing an additional 1,591 shares during the period. 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.