Nokia (NYSE:NOK) Now Covered by Morgan Stanley

Analysts at Morgan Stanley assumed coverage on shares of Nokia (NYSE:NOK) in a report released on Monday,Benzinga reports. The firm set an “overweight” rating and a $8.00 price target on the technology company’s stock. Morgan Stanley’s target price would suggest a potential upside of 13.15% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Jefferies Financial Group raised shares of Nokia from a “hold” rating to a “buy” rating in a report on Tuesday, October 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a research note on Monday, December 22nd. Kepler Capital Markets upgraded Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, January 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a report on Wednesday, October 15th. Finally, Northland Securities set a $7.50 price target on Nokia in a research report on Friday, October 24th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $7.01.

Nokia Price Performance

Shares of NOK opened at $7.07 on Monday. The company has a quick ratio of 1.36, a current ratio of 1.58 and a debt-to-equity ratio of 0.11. The stock has a market cap of $40.60 billion, a PE ratio of 54.39, a PEG ratio of 2.45 and a beta of 0.81. Nokia has a 12-month low of $4.00 and a 12-month high of $8.19. The business has a 50-day simple moving average of $6.49 and a two-hundred day simple moving average of $5.65.

Institutional Investors Weigh In On Nokia

A number of hedge funds have recently added to or reduced their stakes in the business. Amundi bought a new position in shares of Nokia during the 1st quarter worth approximately $776,000. AQR Capital Management LLC boosted its stake in Nokia by 27.5% during the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock worth $985,000 after acquiring an additional 40,276 shares in the last quarter. Millennium Management LLC grew its holdings in Nokia by 6,539.2% in the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock worth $14,975,000 after purchasing an additional 2,798,758 shares during the period. NewEdge Advisors LLC increased its stake in Nokia by 6,204.9% in the first quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock valued at $319,000 after purchasing an additional 59,505 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Nokia by 8.7% during the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock valued at $66,140,000 after purchasing an additional 1,002,033 shares during the period. 5.28% of the stock is currently 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.