Nokia (NYSE:NOK) Shares Gap Up - Here's What Happened

Key Points

• Nokia shares jumped, opening at $10.40 versus the prior close of $9.44, with nearly 31.8 million shares traded.
• Analyst sentiment is broadly positive: 13 analysts rate Nokia a Buy, while the consensus rating is “Moderate Buy” with a $12.57 price target; JPMorgan recently raised its target to $21.
• Nokia’s latest quarterly results beat EPS expectations at $0.08 versus $0.07, while revenue rose 8.4% year over year to $5.50 billion, though it fell short of estimates.

Nokia Corporation (NYSE:NOK - Get Free Report)'s share price gapped up prior to trading on Wednesday . The stock had previously closed at $9.44, but opened at $10.40. Nokia shares last traded at $10.2850, with a volume of 31,811,956 shares.

Wall Street Analyst Weigh In

NOK has been the subject of a number of recent analyst reports. Northland Securities set a $20.00 target price on shares of Nokia in a research report on Wednesday, June 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nokia in a research note on Tuesday, June 9th. Arete Research raised shares of Nokia from a "neutral" rating to a "buy" rating in a research note on Wednesday, April 29th. Nordea Equity Research upgraded shares of Nokia from a "hold" rating to a "buy" rating in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. upped their price target on shares of Nokia from $14.00 to $21.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Thirteen analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $12.57.

Nokia Price Performance

The stock has a market capitalization of $59.60 billion, a P/E ratio of 74.14, a PEG ratio of 1.08 and a beta of 1.19. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.22 and a current ratio of 1.50. The business has a fifty day simple moving average of $11.96 and a 200-day simple moving average of $10.52.

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

Hedge Funds Weigh In On Nokia

A number of institutional investors and hedge funds have recently made changes to their positions in NOK. Analog Century Management LP bought a new position in shares of Nokia during the 4th quarter worth approximately $104,244,000. QRG Capital Management Inc. grew its holdings in shares of Nokia by 34.6% in the fourth 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 in the last quarter. SummitTX Capital L.P. increased its position in shares of Nokia by 219.4% during the first 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 during the last quarter. Polar Asset Management Partners Inc. bought a new stake in Nokia during the first quarter worth $9,634,000. Finally, Amundi bought a new stake in Nokia during the first quarter worth $1,120,000. Institutional investors own 5.28% of the company's stock.

Nokia Company Profile

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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