Nokia (NYSE:NOK) Shares Gap Down – Here’s What Happened

Shares of Nokia Corporation (NYSE:NOK) 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.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NOK shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Nokia in a report on Friday, September 4th. Rosenblatt Securities began coverage on Nokia in a research report on Tuesday, September 15th. They set a “buy” rating and a $15.00 price target for the company. Danske raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. raised their price objective on Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Finally, B. Riley Financial started coverage on Nokia in a research report on Thursday, September 17th. They set a “buy” rating and a $15.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $14.12.

Nokia Stock Down 3.8%

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 stock has a market cap of $60.44 billion, a P/E ratio of 75.11, a PEG ratio of 1.27 and a beta of 1.21. The firm has a 50-day simple moving average of $10.08 and a two-hundred day simple moving average of $11.17.

Nokia (NYSE:NOK) 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 net margin of 3.49% and a return on equity of 9.83%. The company had revenue of $5.50 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same quarter in the previous year, the business posted $0.04 earnings per share. Nokia’s quarterly revenue was up 8.4% on a year-over-year basis. Equities research analysts expect that Nokia Corporation will post 0.39 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Smithfield Trust Co acquired a new stake in Nokia during the fourth quarter worth approximately $35,000. Huntington National Bank increased its stake in Nokia by 1,138.4% during the 4th quarter. Huntington National Bank now owns 7,344 shares of the technology company’s stock worth $48,000 after acquiring an additional 6,751 shares during the period. IFP Advisors Inc raised its holdings in Nokia by 1,152.7% in the 2nd quarter. IFP Advisors Inc now owns 7,942 shares of the technology company’s stock valued at $105,000 after acquiring an additional 7,308 shares in the last quarter. Marathon Trading Investment Management LLC acquired a new stake in shares of Nokia during the 4th quarter worth $65,000. Finally, Gateway Wealth Partners LLC acquired a new stake in Nokia during the first quarter worth about $81,000. 5.28% of the stock is owned by institutional investors.

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.