Cubist Systematic Strategies LLC Takes Position in Nokia Corporation $NOK

Key Points

• Cubist Systematic Strategies LLC has acquired 664,176 shares of Nokia Corporation, valued at approximately $3.5 million, in the first quarter of 2023.
• Nokia's recent quarterly earnings report revealed earnings of $0.05 per share, which fell short of the consensus estimate of $0.07.
• Analysts suggest a "Moderate Buy" rating for Nokia, with an average target price of $5.52, following various adjustments from firms like JPMorgan and BNP Paribas.

Cubist Systematic Strategies LLC bought a new stake in Nokia Corporation (NYSE:NOK - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 664,176 shares of the technology company's stock, valued at approximately $3,500,000.

Other large investors also recently bought and sold shares of the company. TCW Group Inc. acquired a new position in Nokia in the first quarter valued at about $425,000. Charles Schwab Investment Management Inc. lifted its position in Nokia by 18.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 468,939 shares of the technology company's stock valued at $2,471,000 after buying an additional 74,072 shares during the last quarter. Northern Trust Corp lifted its position in Nokia by 6.2% in the first quarter. Northern Trust Corp now owns 3,903,825 shares of the technology company's stock valued at $20,573,000 after buying an additional 228,030 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Nokia in the first quarter valued at about $641,000. Finally, Diversify Wealth Management LLC acquired a new stake in shares of Nokia during the first quarter worth about $910,000. Institutional investors and hedge funds own 5.28% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Nokia from $6.50 to $6.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 29th. BNP Paribas raised shares of Nokia from a "hold" rating to an "outperform" rating and set a $5.00 price target on the stock in a research report on Wednesday, September 3rd. Wall Street Zen raised shares of Nokia from a "hold" rating to a "buy" rating in a research report on Wednesday, May 21st. Finally, BNP Paribas Exane raised shares of Nokia from a "neutral" rating to an "outperform" rating and set a $5.00 price target on the stock in a research report on Wednesday, September 3rd. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $5.52.

Nokia Stock Down 0.1%

Nokia stock traded down $0.01 during mid-day trading on Tuesday, hitting $4.59. The company had a trading volume of 19,958,786 shares, compared to its average volume of 20,179,834. The stock has a market cap of $24.67 billion, a price-to-earnings ratio of 22.93 and a beta of 0.90. Nokia Corporation has a 1 year low of $3.91 and a 1 year high of $5.48. The company has a quick ratio of 1.21, a current ratio of 1.46 and a debt-to-equity ratio of 0.12. The business has a fifty day moving average of $4.48 and a 200 day moving average of $4.92.

Nokia (NYSE:NOK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The technology company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.02). The company had revenue of $5.34 billion during the quarter, compared to analysts' expectations of $4.82 billion. Nokia had a net margin of 5.30% and a return on equity of 8.36%. The business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 earnings per share. On average, sell-side analysts expect that Nokia Corporation will post 0.34 earnings per share for the current fiscal year.

Nokia 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.