Nokia (NYSE:NOK) Trading Down 1.2% – What’s Next?

Nokia Corporation (NYSE:NOK) shares fell 1.2% during mid-day trading on Wednesday . The company traded as low as $13.70 and last traded at $13.8170. Approximately 102,743,707 shares traded hands during trading, an increase of 30% from the average daily volume of 78,731,445 shares. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Danske cut Nokia from a “buy” rating to a “hold” rating in a report on Tuesday, February 24th. Bank of America upgraded shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target for the company in a report on Monday, April 13th. Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Arete Research raised shares of Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen cut shares of Nokia from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.57.

Nokia Price Performance

The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.32 and a current ratio of 1.57. The business has a 50 day moving average price of $13.13 and a 200-day moving average price of $9.26. The company has a market capitalization of $77.60 billion, a price-to-earnings ratio of 84.47, a P/E/G ratio of 2.69 and a beta of 1.15.

Nokia (NYSE:NOK) last released its 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%. Research analysts predict that Nokia Corporation will post 0.4 EPS for the current fiscal year.

Institutional Trading of Nokia

Several hedge funds have recently modified their holdings of NOK. Amundi bought a new position in Nokia during the first quarter worth $776,000. AQR Capital Management LLC grew its holdings in Nokia by 27.5% in the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock worth $985,000 after purchasing an additional 40,276 shares during the period. Millennium Management LLC increased its stake in Nokia by 6,539.2% in the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock valued at $14,975,000 after purchasing an additional 2,798,758 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Nokia by 6,204.9% during the first quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock valued at $319,000 after purchasing an additional 59,505 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Nokia by 8.7% during the first quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock valued at $66,140,000 after purchasing an additional 1,002,033 shares during the period. Institutional investors own 5.28% of the company’s stock.

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.