Nokia Corporation (NYSE:NOK) Shares Gap Up After Better-Than-Expected Earnings

Nokia Corporation (NYSE:NOK)’s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $5.90, but opened at $6.17. Nokia Corporation shares last traded at $6.37, with a volume of 27,359,828 shares.

The technology company reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.05. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. Nokia Corporation had a positive return on equity of 8.20% and a negative net margin of 1.78%. Nokia Corporation’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share.

NOK has been the subject of a number of analyst reports. BMO Capital Markets reaffirmed a “hold” rating and issued a $5.00 price target on shares of Nokia Corporation in a research note on Thursday, April 27th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Nokia Corporation in a research note on Thursday, April 27th. Zacks Investment Research raised Nokia Corporation from a “sell” rating to a “hold” rating in a research note on Monday, May 1st. Vetr downgraded Nokia Corporation from a “buy” rating to a “hold” rating and set a $6.00 price target for the company. in a research note on Wednesday, May 3rd. Finally, Canaccord Genuity reaffirmed a “hold” rating and issued a $6.00 price target on shares of Nokia Corporation in a research note on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $6.24.

A number of institutional investors have recently modified their holdings of the stock. Stifel Financial Corp raised its position in shares of Nokia Corporation by 0.6% in the first quarter. Stifel Financial Corp now owns 107,834 shares of the technology company’s stock valued at $583,000 after buying an additional 691 shares during the period. Greenleaf Trust raised its position in shares of Nokia Corporation by 2.4% in the second quarter. Greenleaf Trust now owns 33,585 shares of the technology company’s stock valued at $207,000 after buying an additional 801 shares during the period. Carl Domino Inc raised its position in shares of Nokia Corporation by 2.2% in the first quarter. Carl Domino Inc now owns 46,400 shares of the technology company’s stock worth $251,000 after buying an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Nokia Corporation by 1.7% in the first quarter. PNC Financial Services Group Inc. now owns 82,075 shares of the technology company’s stock worth $445,000 after buying an additional 1,359 shares during the last quarter. Finally, Creative Planning raised its position in shares of Nokia Corporation by 3.6% in the first quarter. Creative Planning now owns 49,305 shares of the technology company’s stock worth $267,000 after buying an additional 1,727 shares during the last quarter. 5.91% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a 50-day moving average price of $6.31 and a 200 day moving average price of $5.70. The stock’s market cap is $36.40 billion.

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About Nokia Corporation

Nokia Oyj is a Finland-based company engaged in the network and Internet protocol (IP) infrastructure, software, and related services market. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Ultra Broadband Networks, IP Networks and Applications, and Nokia Technologies.

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