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

Nokia Corporation (NYSE:NOK) gapped up before the market opened on Thursday . The stock had previously closed at $6.22, but opened at $6.43. Nokia shares last traded at $6.4450, with a volume of 8,875,746 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on NOK shares. New Street Research set a $6.57 target price on Nokia in a research report on Thursday, November 20th. BNP Paribas Exane upgraded shares of Nokia from a “neutral” rating to an “outperform” rating and set a $5.00 price target for the company in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. increased their price objective on shares of Nokia from $7.10 to $8.00 and gave the company an “overweight” rating in a research note on Monday, December 1st. Danske raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Friday, November 21st. Finally, Jefferies Financial Group raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Tuesday, October 28th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.10.

Nokia Price Performance

The firm has a market capitalization of $35.55 billion, a price-to-earnings ratio of 35.42 and a beta of 0.77. The company’s fifty day moving average price is $6.16 and its 200 day moving average price is $5.24. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.23 and a current ratio of 1.48.

Nokia (NYSE:NOK) last posted its earnings results on Thursday, October 23rd. The technology company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Nokia had a return on equity of 8.24% and a net margin of 4.65%.The business’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 earnings per share. Equities research analysts expect that Nokia Corporation will post 0.34 earnings per share for the current year.

Institutional Trading of Nokia

Several hedge funds have recently bought and sold shares of the company. Wexford Capital LP bought a new position in Nokia in the 3rd quarter worth about $29,000. FNY Investment Advisers LLC acquired a new position in shares of Nokia during the second quarter worth approximately $34,000. Caitong International Asset Management Co. Ltd bought a new position in Nokia in the 3rd quarter worth approximately $34,000. First Horizon Advisors Inc. raised its stake in Nokia by 677.1% during the 2nd quarter. First Horizon Advisors Inc. now owns 8,486 shares of the technology company’s stock valued at $44,000 after acquiring an additional 7,394 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC acquired a new position in Nokia during the 3rd quarter worth $50,000. 5.28% of the stock is currently owned by institutional investors.

About Nokia

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.