Waterfront Wealth Inc. Sells 380,113 Shares of Nokia Corporation $NOK

Key Points

• In the 4th quarter Waterfront Wealth Inc. cut its Nokia stake by 54.4%, selling 380,113 shares and leaving it with 318,012 shares valued at $2.174 million per its SEC filing.
• Research firms have been upgrading Nokia recently and the consensus rating is a Moderate Buy with an average price target of $7.91; notable actions include Morgan Stanley's overweight ($8) and Bank of America's buy ($12.40) ratings.
• Nokia stock opened at $10.29, trading near its 52‑week high of $10.56 with a market cap of $59.06 billion, and the company reported $0.11 EPS on $7.19 billion in quarterly revenue.

Waterfront Wealth Inc. reduced its stake in Nokia Corporation (NYSE:NOK - Free Report) by 54.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 318,012 shares of the technology company's stock after selling 380,113 shares during the period. Waterfront Wealth Inc.'s holdings in Nokia were worth $2,174,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. FNY Investment Advisers LLC grew its holdings in shares of Nokia by 33,457.1% during the fourth quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company's stock valued at $30,000 after buying an additional 4,684 shares during the last quarter. Dorato Capital Management acquired a new position in shares of Nokia during the fourth quarter valued at about $31,000. Wexford Capital LP acquired a new position in shares of Nokia during the third quarter valued at about $29,000. Spire Wealth Management grew its holdings in shares of Nokia by 239.6% during the fourth quarter. Spire Wealth Management now owns 6,242 shares of the technology company's stock valued at $40,000 after buying an additional 4,404 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Nokia during the third quarter valued at about $34,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Santander upgraded shares of Nokia from a "neutral" rating to an "outperform" rating in a report on Monday, February 2nd. Morgan Stanley assumed coverage on shares of Nokia in a report on Monday, February 9th. They set an "overweight" rating and a $8.00 price objective for the company. Bank of America upgraded shares of Nokia from a "neutral" rating to a "buy" rating and set a $12.40 price objective for the company in a report on Monday, April 13th. Kepler Capital Markets upgraded shares of Nokia from a "hold" rating to a "buy" rating in a report on Wednesday, January 7th. Finally, The Goldman Sachs Group upgraded shares of Nokia from a "sell" rating to a "neutral" rating in a report on Monday, March 30th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $7.91.

Nokia Stock Down 0.2%

Nokia stock opened at $10.29 on Monday. Nokia Corporation has a fifty-two week low of $4.00 and a fifty-two week high of $10.56. The stock has a market cap of $59.06 billion, a PE ratio of 79.12, a price-to-earnings-growth ratio of 1.88 and a beta of 0.77. The firm's 50-day simple moving average is $8.26 and its 200 day simple moving average is $7.01. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.58.

Nokia (NYSE:NOK - Get Free Report) last released its quarterly earnings results on Thursday, March 5th. The technology company reported $0.11 earnings per share for the quarter. Nokia had a net margin of 3.41% and a return on equity of 8.54%. The business had revenue of $7.19 billion for the quarter. Research analysts predict that Nokia Corporation will post 0.34 EPS for the current fiscal year.

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.

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