Nokia (NYSE:NOK) Reaches New 52-Week High - Here's Why

Key Points

• Nokia's shares reached a new 52-week high of $5.49 during mid-day trading, reflecting significant investor interest with a trading volume of over 27 million shares.
• Several analysts have recently upgraded their ratings on Nokia, with BNP Paribas raising it to "outperform" and setting a target price of $5.00, while the average price target among analysts stands at $5.52.
• Despite missing quarterly earnings expectations with an EPS of $0.05, Nokia reported revenues of $5.34 billion, surpassing analyst expectations of $4.82 billion.

Shares of Nokia Corporation (NYSE:NOK - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $5.48 and last traded at $5.49, with a volume of 27923785 shares. The stock had previously closed at $5.25.

Analysts Set New Price Targets

NOK has been the subject of several research reports. BNP Paribas Exane upgraded Nokia from a "neutral" rating to an "outperform" rating and set a $5.00 target price for the company in a research report on Wednesday, September 3rd. Weiss Ratings restated a "hold (c)" rating on shares of Nokia in a research note on Wednesday, October 8th. JPMorgan Chase & Co. cut their price target on Nokia from $6.50 to $6.00 and set an "overweight" rating on the stock in a report on Tuesday, July 29th. Finally, BNP Paribas raised Nokia from a "hold" rating to an "outperform" rating and set a $5.00 target price on the stock in a research report on Wednesday, September 3rd. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Nokia currently has an average rating of "Moderate Buy" and an average price target of $5.52.

Nokia Price Performance

The business has a 50-day moving average price of $4.54 and a 200 day moving average price of $4.86. The company has a market cap of $29.30 billion, a price-to-earnings ratio of 27.23 and a beta of 0.85. The company has a current ratio of 1.46, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12.

Nokia (NYSE:NOK - Get Free Report) last issued 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). Nokia had a net margin of 5.30% and a return on equity of 8.36%. The firm had revenue of $5.34 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter last year, the company posted $0.06 EPS. The firm's revenue was up 1.8% compared to the same quarter last year. As a group, research analysts expect that Nokia Corporation will post 0.34 earnings per share for the current fiscal year.

Institutional Trading of Nokia

A number of institutional investors have recently bought and sold shares of NOK. ICONIQ Capital LLC grew its position in Nokia by 5.7% in the first quarter. ICONIQ Capital LLC now owns 40,797 shares of the technology company's stock worth $215,000 after acquiring an additional 2,205 shares in the last quarter. Allworth Financial LP boosted its stake in Nokia by 16.0% during the 1st quarter. Allworth Financial LP now owns 16,308 shares of the technology company's stock valued at $79,000 after purchasing an additional 2,248 shares during the period. Capital Investment Counsel Inc lifted its holdings in shares of Nokia by 11.0% during the first quarter. Capital Investment Counsel Inc now owns 24,247 shares of the technology company's stock worth $128,000 after buying an additional 2,400 shares during the last quarter. National Bank of Canada FI grew its position in Nokia by 5.0% in the 1st quarter. National Bank of Canada FI now owns 50,603 shares of the technology company's stock worth $266,000 after purchasing an additional 2,425 shares during the last quarter. Finally, Mission Wealth Management LP lifted its stake in shares of Nokia by 2.9% in the first quarter. Mission Wealth Management LP now owns 91,067 shares of the technology company's stock valued at $480,000 after buying an additional 2,593 shares during the period. Institutional investors and hedge funds own 5.28% of the company's stock.

Nokia Company 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.

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