Nokia (NYSE:NOK) Trading Down 2.5% - What's Next?

Key Points

• Nokia shares fell 2.5% to about $9.13 in midday trading, with volume at roughly 42.4 million shares—48% below the average daily volume.
• Analyst sentiment remains broadly positive: Nokia has a “Moderate Buy” consensus rating and an average price target of $12.57, with several firms recently upgrading the stock to Buy.
• Nokia’s latest quarterly results beat expectations on earnings, reporting $0.08 per share versus the $0.07 consensus, while revenue rose 8.4% year over year to $5.50 billion but came in slightly below estimates.

Nokia Corporation (NYSE:NOK - Get Free Report) shares fell 2.5% on Monday . The company traded as low as $9.12 and last traded at $9.13. Approximately 42,422,697 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 81,584,188 shares. The stock had previously closed at $9.36.

Analyst Ratings Changes

Several equities research analysts have recently commented on NOK shares. Barclays reissued an "underweight" rating on shares of Nokia in a research note on Wednesday, April 29th. Bank of America raised Nokia from a "neutral" rating to a "buy" rating and set a $12.40 price objective for the company in a research report on Monday, April 13th. Argus upgraded Nokia from a "hold" rating to a "buy" rating and set a $15.00 price objective for the company in a report on Monday, April 27th. Nordea Equity Research raised Nokia from a "hold" rating to a "buy" rating in a research report on Friday, April 24th. Finally, Arete Research upgraded shares of Nokia from a "neutral" rating to a "buy" rating in a research note on Wednesday, April 29th. Thirteen 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. According to MarketBeat.com, Nokia presently has an average rating of "Moderate Buy" and an average target price of $12.57.

Nokia Stock Down 2.5%

The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.22. The stock's fifty day simple moving average is $12.25 and its two-hundred day simple moving average is $10.48. The company has a market capitalization of $52.43 billion, a price-to-earnings ratio of 65.21, a PEG ratio of 1.10 and a beta of 1.19.

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

Institutional Investors Weigh In On Nokia

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp boosted its holdings in shares of Nokia by 248.7% in 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 in the last quarter. Smithfield Trust Co acquired a new stake in shares of Nokia during the fourth quarter worth $35,000. Wexford Capital LP purchased a new stake in Nokia during the third quarter valued at about $29,000. CIBC Private Wealth Group LLC grew its position in Nokia by 86.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company's stock worth $39,000 after purchasing an additional 2,773 shares in the last quarter. Finally, Barclays PLC acquired a new position in Nokia during the fourth quarter valued at $40,000. 5.28% of the stock is currently owned by 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.

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