Nokia (NYSE:NOK) Trading 9.4% Higher – Here’s Why

Nokia Corporation (NYSE:NOK)’s share price traded up 9.4% on Monday . The stock traded as high as $16.52 and last traded at $16.24. 170,434,467 shares changed hands during trading, an increase of 134% from the average session volume of 72,769,352 shares. The stock had previously closed at $14.84.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Santander raised shares of Nokia from a “neutral” rating to an “outperform” rating in a research note on Monday, February 2nd. Morgan Stanley restated an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Bank of America upgraded shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price on the stock in a report on Monday, April 13th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a report on Friday, May 15th. Finally, Danske cut shares of Nokia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Twelve analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Nokia has an average rating of “Moderate Buy” and an average price target of $9.71.

Nokia Price Performance

The firm has a market cap of $93.25 billion, a price-to-earnings ratio of 101.51, a P/E/G ratio of 2.87 and a beta of 1.15. The business’s 50-day simple moving average is $11.32 and its two-hundred day simple moving average is $8.42. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

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

Institutional Investors Weigh In On Nokia

Several large investors have recently added to or reduced their stakes in NOK. Fifth Third Bancorp grew its holdings in shares of Nokia by 248.7% during the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after purchasing an additional 2,721 shares in the last quarter. Wexford Capital LP purchased a new stake in shares of Nokia during the third quarter valued at approximately $29,000. FNY Investment Advisers LLC boosted its stake in shares of Nokia by 33,457.1% during the fourth quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after purchasing an additional 4,684 shares during the period. Dorato Capital Management purchased a new stake in shares of Nokia during the fourth quarter valued at approximately $31,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Nokia during the third quarter valued at approximately $34,000. 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.