Nokia (NYSE:NOK) Stock Price Up 3.7% - Still a Buy?

Key Points

• Nokia shares rose 3.7% to $9.465 during mid-day trading, with 65.5 million shares changing hands.
• Analyst sentiment is cautiously positive: Nokia has a consensus “Moderate Buy” rating from 18 analysts and an average price target of $12.57, though ratings include three Holds and two Sells.
• 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 share price shot up 3.7% during mid-day trading on Tuesday . The company traded as high as $9.52 and last traded at $9.4650. Approximately 65,536,767 shares traded hands during mid-day trading, a decline of 20% from the average daily volume of 81,447,383 shares. The stock had previously closed at $9.13.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Northland Securities set a $20.00 price objective on shares of Nokia in a report on Wednesday, June 3rd. Wall Street Zen downgraded shares of Nokia from a "buy" rating to a "hold" rating in a research note on Sunday, May 3rd. Arete Research raised Nokia from a "neutral" rating to a "buy" rating in a report on Wednesday, April 29th. Weiss Ratings restated a "hold (c)" rating on shares of Nokia in a research note on Tuesday, June 9th. Finally, Danske raised Nokia from a "hold" rating to a "buy" rating in a report on Wednesday, July 1st. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $12.57.

Nokia Trading Up 3.7%

The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The business's fifty day simple moving average is $12.10 and its two-hundred day simple moving average is $10.50. The company has a market cap of $54.35 billion, a price-to-earnings ratio of 67.61, 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The business 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS. On average, equities analysts predict that Nokia Corporation will post 0.39 EPS for the current year.

Institutional Trading of Nokia

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp boosted its position 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 acquired a new position in Nokia during the third quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in Nokia in the third quarter valued at approximately $34,000. Smithfield Trust Co purchased a new stake in Nokia in the fourth quarter valued at approximately $35,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Nokia by 86.1% in the fourth 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 during the period. 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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