Nokia (NYSE:NOK) Stock Price Down 3.5% - Here's Why

Key Points

• Nokia shares fell 3.5% to $9.5750 during mid-day trading, with roughly 67.9 million shares changing hands—below the average session volume.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $12.57, though ratings range from “Overweight” to “Underweight.”
• Nokia slightly beat quarterly EPS expectations at $0.08 versus $0.07, but revenue of $5.50 billion fell short of the $5.57 billion estimate; revenue still grew 8.4% year over year.

Nokia Corporation (NYSE:NOK - Get Free Report) shares fell 3.5% during mid-day trading on Wednesday . The company traded as low as $9.56 and last traded at $9.5750. Approximately 67,934,593 shares were traded during trading, a decline of 17% from the average session volume of 82,267,891 shares. The stock had previously closed at $9.92.

Wall Street Analysts Forecast Growth

NOK has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price objective 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. Barclays reaffirmed an "underweight" rating on shares of Nokia in a report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Nokia in a research report on Friday, May 15th. Argus raised shares of Nokia from a "hold" rating to a "buy" rating and set a $15.00 price target 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 research report on Sunday, May 3rd. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.57.

Nokia Stock Down 3.5%

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 stock's 50 day moving average price is $12.59 and its 200-day moving average price is $10.42. The company has a market cap of $54.98 billion, a PE ratio of 68.39, a PEG ratio of 1.10 and a beta of 1.19.

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

Hedge Funds Weigh In On Nokia

Large investors have recently bought and sold shares of the stock. Fifth Third Bancorp boosted its stake in shares of Nokia by 248.7% during the fourth 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 stake in Nokia during the 3rd quarter valued at $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in Nokia during the 3rd quarter valued at $34,000. Smithfield Trust Co bought a new stake in Nokia in the 4th quarter worth $35,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Nokia by 86.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company's stock worth $39,000 after acquiring an additional 2,773 shares during the last quarter. 5.28% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source