Nokia (NYSE:NOK) Shares Down 5.1% – Here’s Why

Nokia Corporation (NYSE:NOK)’s stock price traded down 5.1% on Tuesday . The company traded as low as $13.18 and last traded at $13.8530. 184,731,383 shares changed hands during trading, an increase of 140% from the average session volume of 76,920,898 shares. The stock had previously closed at $14.59.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Nordea Equity Research raised Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Northland Securities set a $20.00 target price on Nokia in a research report on Wednesday, June 3rd. The Goldman Sachs Group raised Nokia from a “sell” rating to a “neutral” rating in a research report on Monday, March 30th. Bank of America raised Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target for the company in a research report on Monday, April 13th. Finally, Arete Research raised Nokia from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 29th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Nokia currently has a consensus rating of “Moderate Buy” and an average price target of $10.71.

Nokia Price Performance

The firm has a market capitalization of $79.55 billion, a PE ratio of 86.59, a price-to-earnings-growth ratio of 2.78 and a beta of 1.15. The business has a 50-day moving average of $12.24 and a 200 day moving average of $8.80. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11.

Nokia (NYSE:NOK) last released its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.06 EPS for the quarter. The business had revenue of $5.21 billion during the quarter. Nokia had a return on equity of 9.05% and a net margin of 4.02%. As a group, research analysts anticipate that Nokia Corporation will post 0.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Nokia

Several large investors have recently made changes to their positions in NOK. Fifth Third Bancorp increased its position in shares of Nokia by 248.7% during the 4th 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 during the last quarter. Wexford Capital LP purchased a new stake in shares of Nokia during the 3rd quarter valued at $29,000. FNY Investment Advisers LLC increased its position in shares of Nokia by 33,457.1% during the 4th 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 during the last quarter. Dorato Capital Management purchased a new stake in shares of Nokia during the 4th quarter valued at $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Nokia during the 3rd quarter valued at $34,000. 5.28% of the stock is owned by hedge funds and other institutional investors.

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.