Nokia (NYSE:NOK) Trading 3.7% Higher – Here’s Why

Nokia Corporation (NYSE:NOK)’s stock price traded up 3.7% on Tuesday . The company traded as high as $9.52 and last traded at $9.4650. 65,536,767 shares changed hands during trading, a decline of 20% from the average daily volume of 81,447,383 shares. The stock had previously closed at $9.13.

Analysts Set New Price Targets

A number of research analysts have commented on NOK shares. Morgan Stanley restated an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Danske raised Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, July 1st. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Nokia in a research report on Friday, May 15th. Barclays reaffirmed an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Finally, Northland Securities set a $20.00 price objective on Nokia in a research report on Wednesday, June 3rd. Thirteen analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Nokia currently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Up 3.7%

The company has a market capitalization of $54.35 billion, a price-to-earnings ratio of 67.61, a PEG ratio of 1.10 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. The firm’s 50 day simple moving average is $12.10 and its 200-day simple moving average is $10.50.

Nokia (NYSE:NOK) last released its earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping the consensus estimate 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 net margin of 3.49% and a return on equity of 9.83%. The business’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $0.04 EPS. On average, sell-side analysts anticipate that Nokia Corporation will post 0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Nokia

A number of hedge funds have recently added to or reduced their stakes in NOK. Valeo Financial Advisors LLC increased its position in Nokia by 14.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 21,184 shares of the technology company’s stock worth $281,000 after purchasing an additional 2,748 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Nokia in the second quarter valued at approximately $436,000. Foster Group Inc. purchased a new position in Nokia in the second quarter worth $138,000. GAMMA Investing LLC lifted its holdings in Nokia by 16.6% in the second quarter. GAMMA Investing LLC now owns 26,390 shares of the technology company’s stock valued at $350,000 after acquiring an additional 3,751 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Nokia during the 2nd quarter worth $720,000. 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.