Nokia (NYSE:NOK) Shares Down 13.7% – What’s Next?

Nokia Corporation (NYSE:NOK)’s stock price was down 13.7% during mid-day trading on Friday . The stock traded as low as $14.00 and last traded at $14.3350. Approximately 182,050,563 shares were traded during trading, an increase of 141% from the average daily volume of 75,639,742 shares. The stock had previously closed at $16.62.

Wall Street Analysts Forecast Growth

NOK has been the subject of several recent research reports. Danske cut Nokia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a report on Friday, May 15th. Northland Securities set a $20.00 price target on shares of Nokia in a report on Wednesday. Morgan Stanley restated an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Finally, Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price objective for the company in a research note on Monday, April 13th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Nokia Stock Down 13.7%

The company has a market cap of $82.32 billion, a PE ratio of 89.60, a PEG ratio of 3.24 and a beta of 1.15. The stock’s 50 day moving average price is $11.99 and its 200-day moving average price is $8.69. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57.

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 return on equity of 9.05% and a net margin of 4.02%. On average, analysts predict that Nokia Corporation will post 0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NOK. DV Trading LLC purchased a new stake in shares of Nokia in the 1st quarter worth approximately $111,000. Parallel Advisors LLC increased its holdings in shares of Nokia by 40.1% in the 1st quarter. Parallel Advisors LLC now owns 43,189 shares of the technology company’s stock worth $347,000 after purchasing an additional 12,364 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Nokia by 352.8% in the first quarter. NewEdge Advisors LLC now owns 14,788 shares of the technology company’s stock worth $119,000 after purchasing an additional 11,522 shares during the last quarter. Arete Wealth Advisors LLC bought a new position in shares of Nokia during the first quarter valued at $2,106,000. Finally, Bank of America Corp DE lifted its holdings in shares of Nokia by 105.2% during the first quarter. Bank of America Corp DE now owns 2,434,347 shares of the technology company’s stock valued at $19,572,000 after purchasing an additional 1,248,249 shares in the last quarter. Hedge funds and other 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.