Nokia (NYSE:NOK) Reaches New 52-Week High – Still a Buy?

Nokia Corporation (NYSE:NOK)’s stock price hit a new 52-week high on Thursday . The company traded as high as $8.84 and last traded at $8.8150, with a volume of 91733996 shares traded. The stock had previously closed at $8.27.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a research report on Monday, December 22nd. Arete Research lowered shares of Nokia from a “buy” rating to a “neutral” rating in a research note on Friday, March 13th. Argus upgraded shares of Nokia to a “hold” rating in a report on Wednesday, February 11th. Danske lowered shares of Nokia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Finally, Kepler Capital Markets raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.01.

Nokia Stock Up 6.6%

The company has a market cap of $50.62 billion, a P/E ratio of 67.81, a price-to-earnings-growth ratio of 2.78 and a beta of 0.80. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.58 and a quick ratio of 1.36. The stock has a fifty day moving average price of $7.57 and a two-hundred day moving average price of $6.59.

Hedge Funds Weigh In On Nokia

Several large investors have recently bought and sold shares of the stock. Jefferies Financial Group Inc. bought a new stake in Nokia in the third quarter worth about $4,595,000. Penserra Capital Management LLC grew its position in shares of Nokia by 38.0% during the 3rd quarter. Penserra Capital Management LLC now owns 7,760,500 shares of the technology company’s stock valued at $37,328,000 after acquiring an additional 2,136,545 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Nokia by 35,010.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 12,655,143 shares of the technology company’s stock worth $60,871,000 after purchasing an additional 12,619,099 shares during the last quarter. TSP Capital Management Group LLC raised its holdings in shares of Nokia by 8.8% in the 3rd quarter. TSP Capital Management Group LLC now owns 2,473,592 shares of the technology company’s stock worth $11,898,000 after purchasing an additional 200,400 shares during the period. Finally, Folketrygdfondet lifted its stake in Nokia by 66.6% in the third quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock valued at $83,600,000 after purchasing an additional 6,950,487 shares during the last quarter. 5.28% of the stock is currently owned by institutional investors.

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.