Nokia (NYSE:NOK) Shares Gap Up – Here’s Why

Nokia Corporation (NYSE:NOK) gapped up before the market opened on Monday . The stock had previously closed at $8.82, but opened at $9.15. Nokia shares last traded at $8.9250, with a volume of 21,583,189 shares.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on NOK shares. Arete Research cut shares of Nokia from a “buy” rating to a “neutral” rating in a research report on Friday, March 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a research report on Monday, December 22nd. Danske downgraded Nokia from a “buy” rating to a “hold” rating in a report on Tuesday, February 24th. Kepler Capital Markets upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, January 7th. Finally, Citigroup reaffirmed a “sell” rating on shares of Nokia in a research report on Friday, January 23rd. Eight analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Nokia presently has a consensus rating of “Hold” and an average target price of $7.01.

Nokia Stock Up 2.6%

The stock has a market cap of $51.94 billion, a PE ratio of 69.35, a P/E/G ratio of 3.06 and a beta of 0.77. The business has a 50 day moving average of $7.66 and a 200-day moving average of $6.66. The company has a current ratio of 1.58, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11.

Institutional Trading of Nokia

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rockefeller Capital Management L.P. grew its position in Nokia by 60.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 30,518 shares of the technology company’s stock worth $197,000 after purchasing an additional 11,446 shares during the last quarter. World Investment Advisors purchased a new stake in shares of Nokia in the fourth quarter valued at about $134,000. Corient Private Wealth LLC boosted its stake in shares of Nokia by 41.8% during the fourth quarter. Corient Private Wealth LLC now owns 168,328 shares of the technology company’s stock worth $1,089,000 after buying an additional 49,649 shares during the period. Floyd Financial Group LLC purchased a new position in shares of Nokia during the fourth quarter worth about $508,000. Finally, Virtu Financial LLC acquired a new position in Nokia in the 4th quarter valued at about $1,142,000. Hedge funds and other institutional investors own 5.28% of the company’s stock.

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.