Nokia (NYSE:NOK) Shares Gap Down - What's Next?

Key Points

• Nokia shares gapped down sharply, opening at $10.04 versus a prior close of $11.13, and last traded near $10.11 on heavy volume.
• Analyst sentiment remains broadly positive: 12 analysts rate Nokia a Buy, compared with three Holds and two Sells, producing a “Moderate Buy” consensus and an average price target of $13.83.
• Nokia slightly beat quarterly EPS estimates at $0.08 versus $0.07, while revenue rose 8.4% year over year to $5.50 billion but fell short of expectations.

Nokia Corporation (NYSE:NOK - Get Free Report)'s share price gapped down before the market opened on Monday . The stock had previously closed at $11.13, but opened at $10.04. Nokia shares last traded at $10.1050, with a volume of 24,161,698 shares.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Nokia from $14.00 to $21.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Morgan Stanley reissued an "overweight" rating on shares of Nokia in a research note on Friday, May 22nd. Weiss Ratings restated a "hold (c)" rating on shares of Nokia in a report on Friday, September 4th. Danske raised Nokia from a "hold" rating to a "buy" rating in a research note on Wednesday, July 1st. Finally, Northland Securities set a $20.00 price target on shares of Nokia in a research report on Wednesday, June 3rd. Twelve investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Nokia presently has a consensus rating of "Moderate Buy" and an average price target of $13.83.

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 50-day moving average is $10.31 and its two-hundred day moving average is $11.06. The stock has a market cap of $56.68 billion, a PE ratio of 70.61, a PEG ratio of 1.31 and a beta of 1.21.

Nokia (NYSE:NOK - Get Free Report) last announced its earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the previous year, the company earned $0.04 earnings per share. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts predict that Nokia Corporation will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On Nokia

Several hedge funds have recently bought and sold shares of NOK. Analog Century Management LP acquired a new position in Nokia in the 4th quarter valued at about $104,244,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Nokia by 50.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company's stock valued at $208,873,000 after purchasing an additional 14,482,665 shares during the period. ARGA Investment Management LP boosted its stake in shares of Nokia by 166.4% in the first quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company's stock valued at $163,921,000 after purchasing an additional 12,734,021 shares during the period. Pzena Investment Management LLC grew its holdings in shares of Nokia by 14.5% in the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company's stock valued at $594,868,000 after purchasing an additional 11,612,590 shares in the last quarter. Finally, Alyeska Investment Group L.P. increased its stake in Nokia by 171.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company's stock worth $113,161,000 after buying an additional 11,035,002 shares during the period. Institutional investors and hedge funds own 5.28% of the company's stock.

About Nokia

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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