Nokia (NYSE:NOK) Shares Up 4% After Analyst Upgrade

Key Points

• Nokia shares rose by 4% after being upgraded to an "outperform" rating by BNP Paribas, which set a price target of $5.00.
• Multiple analysts have given Nokia a "Moderate Buy" rating, with predictions of an average price target of $5.52, despite a recent earnings miss of $0.05 per share against an expected $0.07.
• Institutional investors have shown significant interest, with notable increases in holdings, leading to 5.28% of the stock being owned by these entities.

Nokia Corporation (NYSE:NOK - Get Free Report) rose 4% during trading on Thursday after BNP Paribas upgraded the stock from a hold rating to an outperform rating. BNP Paribas now has a $5.00 price target on the stock. Nokia traded as high as $4.57 and last traded at $4.56. Approximately 9,608,385 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 19,759,633 shares. The stock had previously closed at $4.38.

Other research analysts have also issued reports about the company. 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 note on Wednesday, September 3rd. JPMorgan Chase & Co. cut their target price on Nokia from $6.50 to $6.00 and set an "overweight" rating for the company in a research note on Tuesday, July 29th. Finally, Wall Street Zen upgraded Nokia from a "hold" rating to a "buy" rating in a research report on Wednesday, May 21st. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Nokia currently has a consensus rating of "Moderate Buy" and an average target price of $5.52.

Institutional Trading of Nokia

Large investors have recently made changes to their positions in the business. TCW Group Inc. bought a new stake in shares of Nokia during the first quarter worth $425,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Nokia by 18.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 468,939 shares of the technology company's stock worth $2,471,000 after purchasing an additional 74,072 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of Nokia during the first quarter worth $641,000. Northern Trust Corp grew its holdings in shares of Nokia by 6.2% during the first quarter. Northern Trust Corp now owns 3,903,825 shares of the technology company's stock worth $20,573,000 after purchasing an additional 228,030 shares during the last quarter. Finally, Diversify Wealth Management LLC bought a new stake in shares of Nokia during the first quarter worth $910,000. Institutional investors own 5.28% of the company's stock.

Nokia Stock Up 0.8%

The firm has a fifty day moving average price of $4.49 and a 200 day moving average price of $4.92. The company has a quick ratio of 1.21, a current ratio of 1.46 and a debt-to-equity ratio of 0.12. The company has a market cap of $24.67 billion, a P/E ratio of 22.93 and a beta of 0.90.

Nokia (NYSE:NOK - Get Free Report) last announced its 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). The business had revenue of $5.34 billion for the quarter, compared to the consensus estimate of $4.82 billion. Nokia had a return on equity of 8.36% and a net margin of 5.30%.Nokia's revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.06 EPS. Equities research analysts forecast that Nokia Corporation will post 0.34 earnings per share for the current year.

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.