Nokia (NYSE:NOK) Shares Down 13.7% – Here’s What Happened

Nokia Corporation (NYSE:NOK) was down 13.7% during mid-day trading on Friday . The stock traded as low as $14.00 and last traded at $14.3350. Approximately 182,050,563 shares traded hands during mid-day trading, an increase of 141% from the average daily volume of 75,639,742 shares. The stock had previously closed at $16.62.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on NOK shares. Arete Research raised shares of Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Argus raised shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Monday, April 27th. The Goldman Sachs Group raised shares of Nokia from a “sell” rating to a “neutral” rating in a research note on Monday, March 30th. Danske downgraded shares of Nokia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Finally, Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $10.71.

Nokia Stock Down 13.7%

The firm has a market capitalization of $82.32 billion, a price-to-earnings ratio of 89.60, a P/E/G ratio of 2.78 and a beta of 1.15. The business’s 50-day moving average is $12.11 and its two-hundred day moving average is $8.73. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57.

Nokia (NYSE:NOK) last announced its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.06 earnings per share for the quarter. The business had revenue of $5.21 billion for the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. On average, equities analysts anticipate that Nokia Corporation will post 0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. DV Trading LLC bought a new position in Nokia in the first quarter valued at approximately $111,000. Parallel Advisors LLC lifted its stake in Nokia by 40.1% in the first quarter. Parallel Advisors LLC now owns 43,189 shares of the technology company’s stock valued at $347,000 after buying an additional 12,364 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Nokia by 352.8% in the first quarter. NewEdge Advisors LLC now owns 14,788 shares of the technology company’s stock valued at $119,000 after buying an additional 11,522 shares in the last quarter. Arete Wealth Advisors LLC bought a new position in Nokia in the first quarter valued at approximately $2,106,000. Finally, Bank of America Corp DE lifted its stake in Nokia by 105.2% in the first quarter. Bank of America Corp DE now owns 2,434,347 shares of the technology company’s stock valued at $19,572,000 after buying an additional 1,248,249 shares in the last quarter. 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.