Nokia (NYSE:NOK) Shares Up 2.3% - Here's Why

Key Points

• Nokia shares rose 2.3% to $9.35 in Monday trading, with volume below the stock’s average daily level.
• Analyst sentiment improved, with several firms upgrading Nokia to Buy or Overweight; the stock has a consensus rating of Moderate Buy and an average price target of $12.57.
• Nokia reported quarterly EPS of $0.08, exceeding estimates by $0.01, while revenue reached $5.50 billion and increased 8.4% year over year despite falling slightly short of expectations.

Nokia Corporation (NYSE:NOK - Get Free Report)'s share price shot up 2.3% on Monday . The company traded as high as $9.43 and last traded at $9.35. 60,686,370 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 82,270,641 shares. The stock had previously closed at $9.14.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Nordea Equity Research raised shares of Nokia from a "hold" rating to a "buy" rating in a research report on Friday, April 24th. JPMorgan Chase & Co. raised their price target on Nokia from $14.00 to $21.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Argus upgraded Nokia from a "hold" rating to a "buy" rating and set a $15.00 price objective on the stock in a research note on Monday, April 27th. Northland Securities set a $20.00 target price on shares of Nokia in a report on Wednesday, June 3rd. Finally, Bank of America upgraded shares of Nokia from a "neutral" rating to a "buy" rating and set a $12.40 price target for the company in a research note on Monday, April 13th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.57.

Nokia Trading Up 2.3%

The business has a 50 day moving average of $12.85 and a two-hundred day moving average of $10.37. The firm has a market cap of $53.69 billion, a P/E ratio of 66.79, a PEG ratio of 1.04 and a beta of 1.17. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09.

Nokia (NYSE:NOK - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $5.50 billion during the quarter, compared to analysts' expectations of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.04 earnings per share. Analysts predict that Nokia Corporation will post 0.41 earnings per share for the current year.

Hedge Funds Weigh In On Nokia

Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Nokia by 248.7% in the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company's stock valued at $25,000 after purchasing an additional 2,721 shares during the period. Wexford Capital LP bought a new position in Nokia during the 3rd quarter worth $29,000. FNY Investment Advisers LLC boosted its position in shares of Nokia by 33,457.1% in the fourth quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company's stock valued at $30,000 after acquiring an additional 4,684 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Nokia in the third quarter valued at about $34,000. Finally, Smithfield Trust Co bought a new position in Nokia during the fourth quarter worth about $35,000. Institutional investors and hedge funds 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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