Nokia Oyj (NYSE:NOK) Shares Gap Down – Here’s What Happened

Shares of Nokia Oyj (NYSE:NOK) gapped down before the market opened on Thursday . The stock had previously closed at $4.61, but opened at $4.47. Nokia Oyj shares last traded at $4.45, with a volume of 6,300,376 shares traded.

Analysts Set New Price Targets

A number of research analysts have issued reports on NOK shares. StockNews.com lowered Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, January 8th. JPMorgan Chase & Co. raised Nokia Oyj from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $4.35 to $6.35 in a research note on Monday, December 9th. Northland Securities reissued an “outperform” rating and issued a $6.50 price objective on shares of Nokia Oyj in a research note on Friday, October 18th. The Goldman Sachs Group downgraded Nokia Oyj from a “neutral” rating to a “sell” rating and set a $3.60 price objective on the stock. in a research note on Thursday. Finally, Danske raised Nokia Oyj from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Nokia Oyj presently has a consensus rating of “Hold” and a consensus price target of $5.86.

Nokia Oyj Stock Down 3.5 %

The business has a 50-day moving average price of $4.41 and a 200-day moving average price of $4.27. The company has a market capitalization of $24.26 billion, a price-to-earnings ratio of 55.63, a price-to-earnings-growth ratio of 5.61 and a beta of 1.06. The company has a quick ratio of 1.46, a current ratio of 1.72 and a debt-to-equity ratio of 0.14.

Nokia Oyj (NYSE:NOK) last issued its quarterly earnings results on Thursday, October 17th. The technology company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. Nokia Oyj had a return on equity of 8.32% and a net margin of 2.18%. The business had revenue of $4.75 billion for the quarter, compared to the consensus estimate of $5.10 billion. As a group, equities analysts anticipate that Nokia Oyj will post 0.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pzena Investment Management LLC grew its holdings in shares of Nokia Oyj by 10.0% during the third quarter. Pzena Investment Management LLC now owns 90,785,960 shares of the technology company’s stock valued at $396,735,000 after buying an additional 8,261,407 shares in the last quarter. FMR LLC grew its stake in Nokia Oyj by 1,012.3% in the third quarter. FMR LLC now owns 30,497,275 shares of the technology company’s stock valued at $133,273,000 after purchasing an additional 27,755,460 shares in the last quarter. American Century Companies Inc. grew its stake in Nokia Oyj by 10.6% in the second quarter. American Century Companies Inc. now owns 1,001,777 shares of the technology company’s stock valued at $3,787,000 after purchasing an additional 96,144 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Nokia Oyj by 2,505.3% in the third quarter. JPMorgan Chase & Co. now owns 730,311 shares of the technology company’s stock valued at $3,191,000 after purchasing an additional 702,279 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in Nokia Oyj in the second quarter valued at about $2,501,000. Hedge funds and other institutional investors own 5.28% of the company’s stock.

Nokia Oyj Company Profile

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.