Nokia (NYSE:NOK) Shares Climb 7.2% – Here’s What Happened

Nokia Corporation (NYSE:NOK)’s share price was up 7.2% on Monday. The company traded as high as $8.69 and last traded at $8.7250. Approximately 43,220,443 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 80,966,500 shares. The stock had previously closed at $8.14.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on NOK shares. Jefferies Financial Group restated a “buy” rating on shares of Nokia in a research note on Tuesday, September 29th. Sanford C. Bernstein reiterated a “neutral” rating on shares of Nokia in a report on Thursday, July 23rd. Danske upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Citigroup reaffirmed a “buy” rating on shares of Nokia in a research report on Friday, October 23rd. Finally, S&P Equity Research reiterated a “positive” rating on shares of Nokia in a research note on Thursday, July 30th. Sixteen investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $13.41.

Nokia Stock Performance

The stock has a 50 day moving average of $10.04 and a 200 day moving average of $10.20. The company has a quick ratio of 1.19, a current ratio of 1.47 and a debt-to-equity ratio of 0.09. The firm has a market cap of $52.85 billion, a price-to-earnings ratio of 57.45, a P/E/G ratio of 0.92 and a beta of 1.19.

Nokia (NYSE:NOK) last issued its quarterly earnings results on Thursday, October 22nd. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $5.84 billion for the quarter, compared to analyst estimates of $5.72 billion. Nokia had a return on equity of 10.48% and a net margin of 3.80%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.06 EPS. As a group, analysts anticipate that Nokia Corporation will post 0.40 EPS for the current fiscal year.

Institutional Investors Weigh In On Nokia

A number of hedge funds have recently added to or reduced their stakes in NOK. Jackson Square Capital LLC purchased a new position in Nokia during the 3rd quarter valued at about $2,392,000. SummitTX Capital L.P. raised its position in Nokia by 219.4% during the 1st quarter. SummitTX Capital L.P. now owns 245,559 shares of the technology company’s stock valued at $1,974,000 after purchasing an additional 168,688 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new stake in Nokia in the 1st quarter worth approximately $9,634,000. Amundi purchased a new stake in Nokia in the 1st quarter worth approximately $1,120,000. Finally, Legacy Wealth Asset Management LLC bought a new stake in shares of Nokia in the 3rd quarter worth approximately $1,359,000. 5.28% of the stock is currently owned by institutional investors.

Nokia Company Profile

Nokia Oyj is a Finland-based technology company that provides communications networking equipment, software and related services to telecommunications operators, enterprises, governments and other organizations worldwide. Its offerings support fixed and mobile broadband, optical and IP networks, data centers, cloud environments and private wireless communications.

The company’s business activities include mobile network infrastructure, network automation and management software, fiber and broadband access, optical networking, routing, data-center networking, and cloud and network services.