Brokerages Set Nokia Corporation (NYSE:NOK) Target Price at $6.77

Nokia Corporation (NYSE:NOK) has been given a consensus rating of “Moderate Buy” by the twelve analysts that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $6.7675.

Several analysts have commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a report on Monday, December 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Nokia from $7.10 to $8.00 and gave the company an “overweight” rating in a research report on Monday, December 1st. Raymond James Financial reiterated an “outperform” rating on shares of Nokia in a report on Thursday, October 23rd. New Street Research set a $6.57 price target on Nokia in a report on Thursday, November 20th. Finally, Wall Street Zen downgraded Nokia from a “buy” rating to a “hold” rating in a report on Sunday, November 30th.

Institutional Investors Weigh In On Nokia

Several institutional investors and hedge funds have recently added to or reduced their stakes in NOK. Amundi acquired a new stake in shares of Nokia in the first quarter valued at about $776,000. AQR Capital Management LLC increased its position in shares of Nokia by 27.5% during the 1st quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock worth $985,000 after purchasing an additional 40,276 shares during the last quarter. Millennium Management LLC raised its stake in shares of Nokia by 6,539.2% during the 1st 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 in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Nokia by 6,204.9% in the 1st quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock valued at $319,000 after buying an additional 59,505 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in Nokia by 8.7% during the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock worth $66,140,000 after buying an additional 1,002,033 shares during the last quarter. 5.28% of the stock is owned by institutional investors.

Nokia Stock Performance

Shares of Nokia stock opened at $6.67 on Thursday. Nokia has a 12 month low of $4.00 and a 12 month high of $8.19. The company has a current ratio of 1.58, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $38.27 billion, a PE ratio of 51.27, a PEG ratio of 2.18 and a beta of 0.77. The stock’s fifty day simple moving average is $6.43 and its 200 day simple moving average is $5.59.

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.