Nokia (NYSE:NOK) Trading Up 1.8% – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares rose 1.8% on Tuesday . The stock traded as high as $13.49 and last traded at $13.27. Approximately 52,692,738 shares changed hands during trading, a decline of 34% from the average session volume of 80,045,266 shares. The stock had previously closed at $13.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on NOK shares. Barclays reaffirmed an “underweight” rating on shares of Nokia in a research report on Wednesday, April 29th. Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Monday, April 27th. Morgan Stanley restated an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Arete Research raised shares of Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, Northland Securities set a $20.00 target price on shares of Nokia in a report on Wednesday, June 3rd. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Nokia presently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Performance

The stock has a market capitalization of $76.20 billion, a PE ratio of 82.94, a P/E/G ratio of 2.53 and a beta of 1.15. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57. The firm has a 50 day moving average of $13.65 and a 200-day moving average of $9.62.

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NOK. Fifth Third Bancorp boosted its stake 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 during the period. FNY Investment Advisers LLC increased its stake in shares of Nokia by 33,457.1% in the fourth quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock worth $30,000 after acquiring an additional 4,684 shares during the last quarter. Dorato Capital Management purchased a new stake in shares of Nokia during the fourth quarter worth $31,000. Smithfield Trust Co acquired a new stake in Nokia during the fourth quarter valued at $35,000. Finally, Wexford Capital LP acquired a new stake in Nokia during the third quarter valued at $29,000. Institutional investors and hedge funds own 5.28% of the company’s stock.

About Nokia

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.