Nokia (NYSE:NOK) Shares Gap Down – What’s Next?

Nokia Corporation (NYSE:NOK) gapped down before the market opened on Tuesday . The stock had previously closed at $8.89, but opened at $8.58. Nokia shares last traded at $8.6370, with a volume of 15,410,605 shares trading hands.

Analyst Upgrades and Downgrades

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

Nokia Trading Down 1.0%

The company has a market capitalization of $50.56 billion, a P/E ratio of 67.67, a P/E/G ratio of 3.06 and a beta of 0.77. The stock’s 50 day moving average is $7.70 and its 200-day moving average is $6.69. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.58 and a quick ratio of 1.36.

Hedge Funds Weigh In On Nokia

A number of institutional investors and hedge funds have recently made changes to their positions in NOK. Fifth Third Bancorp increased its stake 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 valued at $25,000 after purchasing an additional 2,721 shares in the last quarter. Wexford Capital LP bought a new position in shares of Nokia during the third quarter valued at approximately $29,000. FNY Investment Advisers LLC increased 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 in the last quarter. Dorato Capital Management bought a new position 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. 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.