Nokia (NYSE:NOK) Trading Up 2.1% - Time to Buy?

Key Points

• Nokia shares rose 2.1% to $10.7850 in mid-day trading, with roughly 68.2 million shares changing hands.
• Analyst sentiment is generally positive: 13 analysts rate the stock a Buy, with a consensus “Moderate Buy” rating and a $12.57 price target, though some firms maintain Hold or Underweight ratings.
• Nokia exceeded quarterly EPS expectations, reporting $0.08 versus the $0.07 consensus, while revenue reached $5.50 billion and increased 8.4% year over year; analysts expect full-year EPS of $0.39.

Nokia Corporation (NYSE:NOK - Get Free Report)'s stock price rose 2.1% during mid-day trading on Friday . The company traded as high as $10.84 and last traded at $10.7850. Approximately 68,178,054 shares changed hands during trading, a decline of 17% from the average session volume of 81,750,781 shares. The stock had previously closed at $10.56.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Wall Street Zen lowered shares of Nokia from a "buy" rating to a "hold" rating in a research note on Sunday, May 3rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Nokia in a report on Tuesday, June 9th. Barclays reissued an "underweight" rating on shares of Nokia in a research report on Wednesday, April 29th. Northland Securities set a $20.00 price target on shares of Nokia in a research note on Wednesday, June 3rd. 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 research report on Friday, June 12th. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.57.

Nokia Stock Up 2.1%

The firm's fifty day simple moving average is $11.71 and its 200 day simple moving average is $10.57. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. The company has a market cap of $61.93 billion, a price-to-earnings ratio of 77.04, a PEG ratio of 1.22 and a beta of 1.19.

Nokia (NYSE:NOK - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping 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 period in the previous year, the company earned $0.04 EPS. Sell-side analysts predict that Nokia Corporation will post 0.39 earnings per share for the current year.

Institutional Investors Weigh In On Nokia

Several hedge funds and other institutional investors have recently made changes to their positions in NOK. Fifth Third Bancorp raised its position in 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 last quarter. Wexford Capital LP acquired a new position in shares of Nokia during the third quarter worth about $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in Nokia in the 3rd quarter valued at approximately $34,000. Smithfield Trust Co acquired a new position in Nokia during the 4th quarter worth approximately $35,000. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Nokia by 86.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company's stock valued at $39,000 after buying 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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