Nokia (NYSE:NOK) Shares Down 3.3% – Time to Sell?

Nokia Corporation (NYSE:NOK)’s share price dropped 3.3% during mid-day trading on Wednesday . The stock traded as low as $13.32 and last traded at $13.39. Approximately 95,704,398 shares traded hands during mid-day trading, an increase of 24% from the average daily volume of 77,110,602 shares. The stock had previously closed at $13.85.

Analyst Upgrades and Downgrades

NOK has been the topic of several recent analyst reports. Barclays restated an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a report on Friday, May 15th. Argus upgraded shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a report on Monday, April 27th. Northland Securities set a $20.00 price target on shares of Nokia in a report on Wednesday, June 3rd. Finally, Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a report on Friday, April 24th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Nokia has an average rating of “Moderate Buy” and a consensus target price of $10.71.

Nokia Trading Down 3.3%

The stock has a market cap of $76.89 billion, a P/E ratio of 83.69, a PEG ratio of 2.82 and a beta of 1.15. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The stock’s fifty day moving average price is $12.36 and its 200 day moving average price is $8.86.

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

Hedge Funds Weigh In On Nokia

Several large investors have recently modified their holdings of the stock. J2 Capital Management Inc raised its position in shares of Nokia by 2.0% in the 1st quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company’s stock worth $548,000 after purchasing an additional 1,319 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Nokia by 6.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 22,426 shares of the technology company’s stock worth $145,000 after purchasing an additional 1,450 shares during the last quarter. Kathmere Capital Management LLC raised its position in shares of Nokia by 14.0% in the 1st quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company’s stock worth $97,000 after purchasing an additional 1,483 shares during the last quarter. Xponance LLC raised its position in shares of Nokia by 13.0% in the 4th quarter. Xponance LLC now owns 13,590 shares of the technology company’s stock worth $88,000 after purchasing an additional 1,567 shares during the last quarter. Finally, Assetmark Inc. raised its position in shares of Nokia by 12.1% in the 1st quarter. Assetmark Inc. now owns 14,704 shares of the technology company’s stock worth $118,000 after purchasing an additional 1,591 shares during the last quarter. Hedge funds and other 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.