Nokia (NYSE:NOK) Trading 9.4% Higher – Here’s Why

Shares of Nokia Corporation (NYSE:NOK) traded up 9.4% during trading on Monday . The stock traded as high as $16.52 and last traded at $16.24. 170,434,467 shares were traded during mid-day trading, an increase of 134% from the average session volume of 72,769,352 shares. The stock had previously closed at $14.84.

Analyst Upgrades and Downgrades

NOK has been the subject of a number of research reports. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. The Goldman Sachs Group raised shares of Nokia from a “sell” rating to a “neutral” rating in a research note on Monday, March 30th. Northland Securities set a $13.00 target price on shares of Nokia in a report on Monday, April 20th. Argus upgraded shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Monday, April 27th. Finally, Nordea Equity Research raised Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.71.

Nokia Stock Up 3.4%

The business’s 50 day moving average is $11.48 and its 200-day moving average is $8.49. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.57 and a quick ratio of 1.32. The company has a market cap of $96.52 billion, a PE ratio of 105.06, a P/E/G ratio of 3.15 and a beta of 1.15.

Nokia (NYSE:NOK) last announced its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.06 EPS for the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. The company had revenue of $5.21 billion for the quarter. As a group, analysts predict that Nokia Corporation will post 0.4 EPS for the current year.

Institutional Trading of Nokia

Institutional investors have recently bought and sold shares of the business. Arete Wealth Advisors LLC purchased a new position in shares of Nokia in the 1st quarter valued at about $2,106,000. Bank of America Corp DE increased its stake in Nokia by 105.2% in the first quarter. Bank of America Corp DE now owns 2,434,347 shares of the technology company’s stock valued at $19,572,000 after purchasing an additional 1,248,249 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in Nokia during the first quarter worth approximately $369,000. Atreides Management LP acquired a new stake in Nokia during the first quarter worth approximately $19,955,000. Finally, Opal Capital LLC lifted its position in shares of Nokia by 14.0% during the 1st quarter. Opal Capital LLC now owns 394,270 shares of the technology company’s stock worth $3,170,000 after buying an additional 48,384 shares during the last quarter. 5.28% of the stock is owned by hedge funds and other institutional investors.

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.