Nokia (NYSE:NOK) Shares Down 2.3% – Here’s Why

Nokia Corporation (NYSE:NOK)’s stock price dropped 2.3% on Thursday . The stock traded as low as $13.29 and last traded at $13.5140. Approximately 125,089,322 shares were traded during trading, an increase of 58% from the average daily volume of 79,131,719 shares. The stock had previously closed at $13.83.

Analyst Upgrades and Downgrades

NOK has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a report on Tuesday, June 9th. Wall Street Zen downgraded Nokia from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. Arete Research raised Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Bank of America upgraded Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price for the company in a research report on Monday, April 13th. Finally, Danske downgraded Nokia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Twelve analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Nokia has a consensus rating of “Moderate Buy” and a consensus price target of $12.57.

Nokia Stock Down 2.3%

The company has a quick ratio of 1.32, a current ratio of 1.57 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $77.60 billion, a PE ratio of 84.47, a PEG ratio of 2.72 and a beta of 1.15. The company’s 50 day moving average is $13.04 and its two-hundred day moving average is $9.20.

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

Institutional Investors Weigh In On Nokia

Several large investors have recently bought and sold shares of NOK. Amundi bought a new stake in shares of Nokia in the 1st quarter worth about $776,000. AQR Capital Management LLC boosted its stake in Nokia by 27.5% during the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock worth $985,000 after buying an additional 40,276 shares during the period. Millennium Management LLC boosted its stake in Nokia by 6,539.2% during the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock worth $14,975,000 after buying an additional 2,798,758 shares during the period. NewEdge Advisors LLC increased its position in Nokia by 6,204.9% during the first quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock valued at $319,000 after acquiring an additional 59,505 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Nokia by 8.7% in the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock valued at $66,140,000 after acquiring an additional 1,002,033 shares during the period. Institutional investors own 5.28% of the company’s stock.

Nokia Company Profile

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.