Nokia (NYSE:NOK) Stock Price Down 1.2% – Here’s Why

Nokia Corporation (NYSE:NOK) shares dropped 1.2% on Wednesday . The company traded as low as $13.70 and last traded at $13.8170. Approximately 102,743,707 shares changed hands during mid-day trading, an increase of 30% from the average daily volume of 78,731,445 shares. The stock had previously closed at $13.98.

Wall Street Analyst Weigh In

Several research firms have commented on NOK. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Northland Securities set a $20.00 price objective on shares of Nokia in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Nokia in a research note on Tuesday, June 9th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.57.

Nokia Stock Performance

The company’s fifty day moving average is $12.94 and its 200 day moving average is $9.15. The company has a market capitalization of $79.34 billion, a P/E ratio of 86.36, a P/E/G ratio of 2.88 and a beta of 1.15. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

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

Institutional Trading of Nokia

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp raised its position in shares of 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 buying an additional 2,721 shares in the last quarter. Wexford Capital LP purchased a new position in Nokia in the 3rd quarter worth $29,000. FNY Investment Advisers LLC raised its position in Nokia by 33,457.1% in the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock worth $30,000 after purchasing an additional 4,684 shares during the period. Dorato Capital Management purchased a new position in Nokia in the 4th quarter worth $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Nokia in the 3rd quarter worth $34,000. Hedge funds and other institutional investors 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.