Nokia (NYSE:NOK) Shares Gap Down - Time to Sell?

Key Points

• Nokia shares fell at the open, dropping from a prior close of $10.94 to $10.56 before recovering slightly to around $10.66 on heavy volume.
• Analyst sentiment remains positive: Nokia has a consensus rating of “Moderate Buy” and an average price target of $14.12, with several firms assigning targets between $15 and $21.
• Nokia’s latest quarterly results were mixed, as adjusted earnings of $0.08 per share beat estimates, while revenue of $5.50 billion came in below forecasts; year-over-year revenue nevertheless increased 8.4%.

Shares of Nokia Corporation (NYSE:NOK - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $10.94, but opened at $10.56. Nokia shares last traded at $10.6550, with a volume of 17,696,683 shares traded.

Wall Street Analyst Weigh In

Several research firms have recently commented on NOK. Danske raised shares of Nokia from a "hold" rating to a "buy" rating in a report on Wednesday, July 1st. B. Riley Financial initiated coverage on shares of Nokia in a research report on Thursday, September 17th. They issued a "buy" rating and a $15.00 target price for the company. Rosenblatt Securities began coverage on shares of Nokia in a research note on Tuesday, September 15th. They issued a "buy" rating and a $15.00 price target for the company. JPMorgan Chase & Co. raised their price target on Nokia from $14.00 to $21.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Finally, Northland Securities set a $20.00 price target on Nokia in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Nokia currently has an average rating of "Moderate Buy" and a consensus price target of $14.12.

Nokia Price Performance

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 $60.44 billion, a price-to-earnings ratio of 75.11, a PEG ratio of 1.27 and a beta of 1.21. The company's 50 day moving average price is $10.08 and its 200 day moving average price is $11.17.

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 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 firm had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the business posted $0.04 EPS. Nokia's quarterly revenue was up 8.4% on a year-over-year basis. Equities research analysts forecast that Nokia Corporation will post 0.39 earnings per share for the current year.

Institutional Investors Weigh In On Nokia

A number of large investors have recently added to or reduced their stakes in NOK. J2 Capital Management Inc lifted its stake in shares of Nokia by 2.0% in the 1st quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company's stock valued at $548,000 after purchasing an additional 1,319 shares during the period. Syon Capital LLC lifted its stake in Nokia by 12.7% in the second quarter. Syon Capital LLC now owns 11,730 shares of the technology company's stock valued at $156,000 after buying an additional 1,321 shares during the period. Kathmere Capital Management LLC boosted its holdings in Nokia by 14.0% during the first quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company's stock worth $97,000 after buying an additional 1,483 shares during the last quarter. Assetmark Inc. increased its stake in shares of Nokia by 12.1% in the 1st quarter. Assetmark Inc. now owns 14,704 shares of the technology company's stock valued at $118,000 after acquiring an additional 1,591 shares during the last quarter. Finally, Burford Brothers Inc. raised its position in shares of Nokia by 9.2% in the 2nd quarter. Burford Brothers Inc. now owns 21,950 shares of the technology company's stock valued at $291,000 after acquiring an additional 1,850 shares during the period. 5.28% of the stock is owned by institutional investors and hedge funds.

Nokia Company Profile

Nokia Corporation is a Finland-based technology company that provides communications and networking equipment, software, and related services to telecommunications operators, enterprises, governments, and other organizations worldwide. Its offerings support the design, deployment, management, and modernization of fixed and mobile communications networks.

The company's business includes mobile network infrastructure, radio access networks, core networks, cloud networking, broadband access, optical networking, IP routing, data-center networking, and network automation.

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