Nokia (NYSE:NOK) Shares Down 2.5% - What's Next?

Key Points

• Nokia shares fell 2.5% to about $9.96, with trading volume 42% below the average session volume.
• Analyst sentiment remains favorable overall: Nokia has a “Moderate Buy” consensus rating and an average price target of $12.57, though one firm downgraded the stock to “Hold.”
• Nokia exceeded quarterly EPS expectations, reporting $0.08 versus $0.07 forecast, while revenue rose 8.4% year over year to $5.50 billion but fell slightly short of estimates.

Nokia Corporation (NYSE:NOK - Get Free Report)'s stock price traded down 2.5% during trading on Monday . The company traded as low as $9.77 and last traded at $9.9560. 47,224,884 shares were traded during trading, a decline of 42% from the average session volume of 81,685,969 shares. The stock had previously closed at $10.21.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NOK. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Nokia in a report on Friday, May 15th. Danske upgraded Nokia from a "hold" rating to a "buy" rating in a research note on Wednesday, July 1st. JPMorgan Chase & Co. lifted their price objective on shares of Nokia from $14.00 to $21.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Argus upgraded shares of Nokia from a "hold" rating to a "buy" rating and set a $15.00 target price for the company in a research note on Monday, April 27th. Finally, Wall Street Zen cut shares of Nokia from a "buy" rating to a "hold" rating in a report on Sunday, May 3rd. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Nokia has an average rating of "Moderate Buy" and an average target price of $12.57.

Nokia Price Performance

The company has a market capitalization of $57.17 billion, a P/E ratio of 71.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.19. The company has a fifty day moving average price of $11.26 and a 200 day moving average price of $10.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.22.

Nokia (NYSE:NOK - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The business had revenue of $5.50 billion for the quarter, compared to analysts' expectations of $5.57 billion. During the same period in the prior year, the firm earned $0.04 EPS. The business's quarterly revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts forecast that Nokia Corporation will post 0.39 EPS for the current fiscal year.

Institutional Investors Weigh In On Nokia

Hedge funds have recently added to or reduced their stakes in the stock. Analog Century Management LP bought a new position in Nokia in the 4th quarter worth approximately $104,244,000. QRG Capital Management Inc. increased its position in Nokia by 34.6% in the 4th quarter. QRG Capital Management Inc. now owns 539,926 shares of the technology company's stock valued at $3,493,000 after acquiring an additional 138,935 shares during the period. SummitTX Capital L.P. raised its stake in Nokia by 219.4% during the 1st quarter. SummitTX Capital L.P. now owns 245,559 shares of the technology company's stock valued at $1,974,000 after acquiring an additional 168,688 shares in the last quarter. Polar Asset Management Partners Inc. acquired a new position in Nokia during the 1st quarter worth $9,634,000. Finally, Amundi acquired a new position in Nokia during the 1st quarter worth $1,120,000. 5.28% of the stock is currently owned by 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.

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