Nokia (NYSE:NOK) Shares Down 3.5% – Here’s What Happened

Shares of Nokia Corporation (NYSE:NOK) dropped 3.5% on Wednesday . The company traded as low as $9.56 and last traded at $9.5750. Approximately 67,934,593 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 82,267,891 shares. The stock had previously closed at $9.92.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Northland Securities set a $20.00 price target on Nokia in a research note on Wednesday, June 3rd. JPMorgan Chase & Co. upped their target price on Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a research report on Tuesday, June 9th. Nordea Equity Research raised Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Finally, Barclays reissued an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Nokia presently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Nokia Price Performance

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 company has a market capitalization of $54.98 billion, a P/E ratio of 68.39, a P/E/G ratio of 1.10 and a beta of 1.19. The firm has a fifty day moving average of $12.59 and a 200 day moving average of $10.42.

Nokia (NYSE:NOK) last announced its quarterly 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 firm had revenue of $5.50 billion during the quarter, compared to analyst estimates of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 earnings per share. On average, equities research analysts anticipate that Nokia Corporation will post 0.39 EPS for the current year.

Institutional Investors Weigh In On Nokia

A number of hedge funds have recently added to or reduced their stakes in NOK. Pzena Investment Management LLC lifted its holdings in shares of Nokia by 14.5% during the 4th quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock valued at $594,868,000 after buying an additional 11,612,590 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Nokia by 9.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 47,321,058 shares of the technology company’s stock worth $306,167,000 after acquiring an additional 3,896,363 shares during the period. ARGA Investment Management LP grew its holdings in shares of Nokia by 166.4% in the first quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock worth $163,921,000 after acquiring an additional 12,734,021 shares during the period. Alyeska Investment Group L.P. increased its position in Nokia by 171.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock valued at $113,161,000 after acquiring an additional 11,035,002 shares during the last quarter. Finally, Analog Century Management LP bought a new position in Nokia in the fourth quarter valued at about $104,244,000. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

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.