Nokia (NYSE:NOK) Stock Price Down 2.5% – Here’s What Happened

Nokia Corporation (NYSE:NOK)’s share price was down 2.5% during trading on Wednesday . The stock traded as low as $10.09 and last traded at $10.13. Approximately 79,354,670 shares traded hands during mid-day trading, a decline of 3% from the average daily volume of 82,037,648 shares. The stock had previously closed at $10.39.

Wall Street Analyst Weigh In

NOK has been the subject of several research analyst reports. Danske upgraded Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, July 1st. Morgan Stanley reissued an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a report on Friday, May 15th. Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Finally, Barclays reissued an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Thirteen 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. According to MarketBeat, Nokia currently has a consensus rating of “Moderate Buy” and an average 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 firm has a fifty day simple moving average of $11.49 and a two-hundred day simple moving average of $10.65. The firm has a market cap of $58.17 billion, a PE ratio of 72.36, a PEG ratio of 1.27 and a beta of 1.19.

Nokia (NYSE:NOK) last posted its earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The firm had revenue of $5.50 billion during the quarter, compared to the consensus estimate of $5.57 billion. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.04 EPS. Equities analysts predict that Nokia Corporation will post 0.39 EPS for the current fiscal year.

Institutional Trading of Nokia

Hedge funds have recently made changes to their positions in the business. Fifth Third Bancorp increased its stake in Nokia by 248.7% during the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after acquiring an additional 2,721 shares during the last quarter. Wexford Capital LP bought a new stake in shares of Nokia in the 3rd quarter valued at approximately $29,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Nokia in the 3rd quarter worth approximately $34,000. Smithfield Trust Co purchased a new position in shares of Nokia in the 4th quarter worth approximately $35,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of Nokia by 86.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company’s stock valued at $39,000 after purchasing an additional 2,773 shares during the last quarter. 5.28% of the stock is currently 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.