Nokia (NYSE:NOK) Stock Price Down 3.6% - Should You Sell?

Key Points

• Nokia shares fell 3.6% to $10.39 in heavy midday trading, with about 108 million shares changing hands—32% above average volume.
• Analyst sentiment remains broadly positive: Nokia has a “Moderate Buy” consensus rating from MarketBeat, with an average price target of $12.57; JPMorgan recently raised its target to $21.
• Nokia exceeded quarterly EPS expectations, reporting $0.08 versus the $0.07 consensus, while revenue increased 8.4% year over year to $5.50 billion but fell short of estimates.

Nokia Corporation (NYSE:NOK - Get Free Report)'s stock price traded down 3.6% on Tuesday . The company traded as low as $10.21 and last traded at $10.39. Approximately 107,981,871 shares changed hands during mid-day trading, an increase of 32% from the average session volume of 81,992,961 shares. The stock had previously closed at $10.78.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NOK shares. Morgan Stanley restated an "overweight" rating on shares of Nokia in a report on Friday, May 22nd. Argus upgraded shares of Nokia from a "hold" rating to a "buy" rating and set a $15.00 target price on the stock in a report on Monday, April 27th. JPMorgan Chase & Co. lifted their price target on shares of Nokia from $14.00 to $21.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Wall Street Zen lowered shares of Nokia from a "buy" rating to a "hold" rating in a report on Sunday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Nokia in a research report on Friday, May 15th. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.57.

Nokia Price Performance

The company has a 50-day moving average of $11.56 and a 200-day moving average of $10.63. 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 firm has a market capitalization of $59.66 billion, a price-to-earnings ratio of 74.21, a price-to-earnings-growth ratio of 1.27 and a beta of 1.19.

Nokia (NYSE:NOK - Get Free Report) last announced its earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. The firm 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%. The business's quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the company posted $0.04 EPS. As a group, research analysts anticipate that Nokia Corporation will post 0.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Nokia

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NOK. Fifth Third Bancorp raised its stake in shares of 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 shares of Nokia during the third quarter worth about $29,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Nokia during the third quarter worth about $34,000. Smithfield Trust Co acquired a new stake in Nokia in the 4th quarter valued at approximately $35,000. Finally, CIBC Private Wealth Group LLC lifted its stake 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 valued at $39,000 after acquiring an additional 2,773 shares in the last quarter. 5.28% of the stock is owned by institutional investors and hedge funds.

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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