Nokia (NYSE:NOK) Shares Down 2.5% – Time to Sell?

Shares of Nokia Corporation (NYSE:NOK) fell 2.5% on Wednesday . The company traded as low as $10.09 and last traded at $10.13. 79,354,670 shares were traded during trading, a decline of 3% from the average daily volume of 82,037,648 shares. The stock had previously closed at $10.39.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on NOK shares. Danske upgraded shares of Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, July 1st. Argus raised shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Monday, April 27th. Barclays reissued an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Nordea Equity Research raised Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Finally, Wall Street Zen downgraded Nokia from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Thirteen 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Stock Down 2.5%

The company’s 50 day moving average is $11.49 and its 200 day moving average is $10.65. The company has a market cap of $58.17 billion, a PE ratio of 72.36, a P/E/G ratio of 1.27 and a beta of 1.19. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09.

Nokia (NYSE:NOK) last issued 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. The business had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 EPS. As a group, analysts predict that Nokia Corporation will post 0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp raised its position in Nokia by 248.7% during 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 in the last quarter. Wexford Capital LP purchased a new position in shares of Nokia during the third quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Nokia in the third quarter valued at about $34,000. Smithfield Trust Co bought a new stake in shares of Nokia in the fourth quarter valued at about $35,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Nokia by 86.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company’s stock worth $39,000 after acquiring an additional 2,773 shares during the period. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

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.