Nokia (NYSE:NOK) Trading Down 4% - Here's Why

Key Points

• Nokia shares fell 4% to $8.91 in heavy trading, with volume reaching 107.8 million shares—31% above the average daily volume.
• Analyst sentiment remains broadly positive: Nokia has a consensus “Moderate Buy” rating and an average price target of $12.57, despite mixed individual rating changes.
• Nokia’s latest quarterly results exceeded EPS expectations, reporting $0.08 versus the $0.07 consensus, while revenue rose 8.4% year over year to $5.50 billion but came in below estimates.

Nokia Corporation (NYSE:NOK - Get Free Report) fell 4% during mid-day trading on Tuesday . The company traded as low as $8.60 and last traded at $8.91. 107,779,766 shares changed hands during trading, an increase of 31% from the average daily volume of 82,053,992 shares. The stock had previously closed at $9.28.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on NOK shares. Bank of America upgraded shares of Nokia from a "neutral" rating to a "buy" rating and set a $12.40 target price on the stock in a report on Monday, April 13th. Morgan Stanley reaffirmed an "overweight" rating on shares of Nokia in a research note on Friday, May 22nd. Barclays reissued an "underweight" rating on shares of Nokia in a research note on Wednesday, April 29th. Wall Street Zen lowered Nokia from a "buy" rating to a "hold" rating in a research report on Sunday, May 3rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Nokia in a report on Tuesday, June 9th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Nokia presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.57.

Nokia Stock Down 4.0%

The firm has a market capitalization of $51.16 billion, a P/E ratio of 63.64, a PEG ratio of 1.04 and a beta of 1.17. 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's 50-day moving average is $13.28 and its 200 day moving average is $10.31.

Nokia (NYSE:NOK - Get Free Report) last released its earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. The firm had revenue of $5.50 billion during the quarter, compared to analysts' expectations of $5.57 billion. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The company's revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.04 EPS. As a group, equities research analysts predict that Nokia Corporation will post 0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Nokia

A number of large investors have recently bought and sold shares of NOK. J2 Capital Management Inc lifted its position in shares of Nokia by 2.0% in the first quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company's stock worth $548,000 after purchasing an additional 1,319 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Nokia by 6.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 22,426 shares of the technology company's stock valued at $145,000 after purchasing an additional 1,450 shares in the last quarter. Kathmere Capital Management LLC increased its stake in Nokia by 14.0% in the 1st quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company's stock valued at $97,000 after buying an additional 1,483 shares during the last quarter. Xponance LLC increased its stake in Nokia by 13.0% in the 4th quarter. Xponance LLC now owns 13,590 shares of the technology company's stock valued at $88,000 after buying an additional 1,567 shares during the last quarter. Finally, Assetmark Inc. lifted its position in Nokia by 12.1% during the 1st quarter. Assetmark Inc. now owns 14,704 shares of the technology company's stock worth $118,000 after buying an additional 1,591 shares in the last quarter. 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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