Nokia (NYSE:NOK) Stock Price Down 5.7% – What’s Next?

Nokia Corporation (NYSE:NOK)’s stock price fell 5.7% on Tuesday . The stock traded as low as $13.75 and last traded at $13.98. 122,856,751 shares changed hands during mid-day trading, an increase of 57% from the average session volume of 78,449,297 shares. The stock had previously closed at $14.82.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NOK. Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. JPMorgan Chase & Co. boosted their price target on shares of Nokia from $14.00 to $21.00 and gave the company an “overweight” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Finally, Danske lowered shares of Nokia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Twelve investment 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Down 5.7%

The firm has a market cap of $80.28 billion, a P/E ratio of 87.38, a price-to-earnings-growth ratio of 2.88 and a beta of 1.15. The stock’s 50 day simple moving average is $12.84 and its 200 day simple moving average is $9.09. 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 posted its quarterly earnings data on Tuesday, March 31st. The technology company reported $0.06 earnings per share (EPS) for the quarter. The firm 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%. Research analysts anticipate that Nokia Corporation will post 0.4 EPS for the current year.

Hedge Funds Weigh In On Nokia

A number of hedge funds have recently bought and sold shares of NOK. Fifth Third Bancorp boosted its holdings in Nokia by 248.7% during the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after acquiring an additional 2,721 shares during the last quarter. Wexford Capital LP purchased a new position in Nokia during the 3rd quarter worth $29,000. FNY Investment Advisers LLC boosted its holdings in shares of Nokia by 33,457.1% in the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock worth $30,000 after buying an additional 4,684 shares during the last quarter. Dorato Capital Management purchased a new position in shares of Nokia in the 4th quarter worth about $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Nokia in the 3rd quarter worth about $34,000. 5.28% of the stock is owned by hedge funds and other 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.