Nokia (NYSE:NOK) Stock Price Up 7.7% Following Analyst Upgrade

Key Points

• Bank of America upgraded Nokia from neutral to a buy with a $12.40 price target, sending the stock up about 7.7% intraday to roughly $10.19 on Monday.
• Analyst consensus is a Moderate Buy with a consensus target of $7.91, based on 9 Buy, 6 Hold and 1 Sell ratings — a target that sits below the current share price.
• Institutional ownership is low at 5.28%, while valuation and technicals show a market cap of about $59.3B, a trailing P/E of ~79.6, and 50-/200-day moving averages of $7.91 and $6.82.

Nokia Corporation (NYSE:NOK - Get Free Report)'s stock price traded up 7.7% during mid-day trading on Monday after Bank of America upgraded the stock from a neutral rating to a buy rating. Bank of America now has a $12.40 price target on the stock. Nokia traded as high as $9.97 and last traded at $10.1920. 30,492,611 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 49,730,309 shares. The stock had previously closed at $9.46.

NOK has been the topic of a number of other research reports. Arete Research lowered Nokia from a "buy" rating to a "neutral" rating in a report on Friday, March 13th. Danske lowered Nokia from a "buy" rating to a "hold" rating in a report on Tuesday, February 24th. Morgan Stanley assumed coverage on Nokia in a report on Monday, February 9th. They issued an "overweight" rating and a $8.00 target price on the stock. Santander upgraded Nokia from a "neutral" rating to an "outperform" rating in a report on Monday, February 2nd. Finally, Argus upgraded Nokia to a "hold" rating in a report on Wednesday, February 11th. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $7.91.

Institutional Trading of Nokia

Institutional investors and hedge funds have recently modified their holdings of the business. Fifth Third Bancorp increased its position 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 acquiring an additional 2,721 shares during the last quarter. FNY Investment Advisers LLC increased its position in shares of Nokia by 33,457.1% during 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 last quarter. Dorato Capital Management purchased a new stake in shares of Nokia during the fourth quarter valued at approximately $31,000. Smithfield Trust Co purchased a new stake in shares of Nokia during the fourth quarter valued at approximately $35,000. Finally, Wexford Capital LP purchased a new stake in shares of Nokia during the third quarter valued at approximately $29,000. 5.28% of the stock is owned by hedge funds and other institutional investors.

Nokia Stock Up 9.2%

The company has a quick ratio of 1.36, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $59.31 billion, a PE ratio of 79.64, a P/E/G ratio of 3.28 and a beta of 0.77. The stock has a 50-day moving average of $7.91 and a 200 day moving average of $6.82.

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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