Nokia (NYSE:NOK) Shares Gap Down – What’s Next?

Nokia Corporation (NYSE:NOK) gapped down before the market opened on Tuesday . The stock had previously closed at $8.89, but opened at $8.58. Nokia shares last traded at $8.6370, with a volume of 15,410,605 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Kepler Capital Markets raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Nokia in a report on Monday, December 22nd. Argus upgraded shares of Nokia to a “hold” rating in a report on Wednesday, February 11th. The Goldman Sachs Group upgraded shares of Nokia from a “sell” rating to a “neutral” rating in a report on Monday, March 30th. Finally, Arete Research cut shares of Nokia from a “buy” rating to a “neutral” rating in a report on Friday, March 13th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Nokia presently has a consensus rating of “Hold” and an average price target of $7.01.

Nokia Price Performance

The firm has a fifty day moving average price of $7.70 and a two-hundred day moving average price of $6.69. The stock has a market capitalization of $50.56 billion, a P/E ratio of 67.67, a PEG ratio of 3.06 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.58.

Hedge Funds Weigh In On Nokia

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pzena Investment Management LLC lifted its holdings in shares of Nokia by 14.5% during the 4th quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock valued at $594,868,000 after buying an additional 11,612,590 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in shares of Nokia by 9.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 47,321,058 shares of the technology company’s stock worth $306,167,000 after acquiring an additional 3,896,363 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of Nokia by 171.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock worth $113,161,000 after acquiring an additional 11,035,002 shares during the last quarter. Folketrygdfondet boosted its stake in shares of Nokia by 66.6% during the 3rd quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock worth $83,600,000 after acquiring an additional 6,950,487 shares during the last quarter. Finally, Analog Century Management LP purchased a new position in shares of Nokia during the 4th quarter worth $104,244,000. 5.28% of the stock is owned by 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.