Nokia (NYSE:NOK) Trading Up 1.7% - Here's What Happened

Key Points

• Nokia shares rose 1.7% to $9.25 in mid-day trading, with volume reaching approximately 96.9 million shares—18% above the average daily volume.
• Analyst sentiment is generally positive: Nokia has a “Moderate Buy” consensus rating, with 13 Buy, three Hold, and two Sell ratings. The consensus price target is $12.57, while JPMorgan raised its target to $21.
• Nokia exceeded quarterly earnings expectations, reporting adjusted EPS of $0.08 versus the $0.07 consensus. Revenue increased 8.4% year over year to $5.50 billion, though it fell slightly short of estimates.

Nokia Corporation (NYSE:NOK - Get Free Report) rose 1.7% during mid-day trading on Monday . The stock traded as high as $9.37 and last traded at $9.2510. Approximately 96,866,434 shares traded hands during trading, an increase of 18% from the average daily volume of 81,847,891 shares. The stock had previously closed at $9.10.

Wall Street Analysts Forecast Growth

NOK has been the subject of a number of recent analyst reports. Nordea Equity Research upgraded shares of Nokia from a "hold" rating to a "buy" rating in a research report on Friday, April 24th. Weiss Ratings reissued a "hold (c)" rating on shares of Nokia in a research note on Tuesday, June 9th. Wall Street Zen cut Nokia from a "buy" rating to a "hold" rating in a report on Sunday, May 3rd. Danske upgraded Nokia from a "hold" rating to a "buy" rating in a research note on Wednesday, July 1st. Finally, JPMorgan Chase & Co. upped their price objective on Nokia from $14.00 to $21.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Thirteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Nokia currently has an average rating of "Moderate Buy" and a consensus price target of $12.57.

Nokia Price Performance

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 stock's fifty day moving average price is $13.37 and its 200-day moving average price is $10.29. The firm has a market cap of $53.12 billion, a PE ratio of 66.08, a P/E/G ratio of 1.04 and a beta of 1.17.

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

Institutional Investors Weigh In On Nokia

A number of institutional investors and hedge funds have recently modified their holdings of NOK. Valeo Financial Advisors LLC grew its holdings in shares of Nokia by 14.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 21,184 shares of the technology company's stock worth $281,000 after acquiring an additional 2,748 shares during the period. FNY Investment Advisers LLC acquired a new position in Nokia during the second quarter worth $436,000. Foster Group Inc. purchased a new stake in Nokia during the second quarter worth $138,000. GAMMA Investing LLC boosted its position in Nokia by 16.6% during the second quarter. GAMMA Investing LLC now owns 26,390 shares of the technology company's stock worth $350,000 after purchasing an additional 3,751 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new stake in Nokia in the second quarter valued at $720,000. Institutional investors and hedge funds own 5.28% of the company's stock.

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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