Nokia (NYSE:NOK) Trading 7.9% Higher – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares rose 7.9% during mid-day trading on Thursday . The stock traded as high as $9.34 and last traded at $9.0750. 106,008,039 shares were traded during trading, an increase of 29% from the average session volume of 82,339,492 shares. The stock had previously closed at $8.41.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NOK. Danske upgraded shares of Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Wall Street Zen cut shares of Nokia from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Barclays reaffirmed an “underweight” rating on shares of Nokia in a research report on Wednesday, April 29th. Northland Securities set a $20.00 price target on Nokia in a research note on Wednesday, June 3rd. Finally, Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Monday, April 27th. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Trading Up 7.9%

The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.22. The stock’s 50-day simple moving average is $13.08 and its two-hundred day simple moving average is $10.34. The firm has a market capitalization of $52.11 billion, a P/E ratio of 64.82, a price-to-earnings-growth ratio of 1.01 and a beta of 1.17.

Nokia (NYSE:NOK) last released its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The firm had revenue of $5.50 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the prior year, the company posted $0.04 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. Equities research analysts expect that Nokia Corporation will post 0.41 EPS for the current year.

Institutional Trading of Nokia

A number of large investors have recently added to or reduced their stakes in the company. Pzena Investment Management LLC increased its position in Nokia by 14.5% in the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock worth $594,868,000 after purchasing an additional 11,612,590 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Nokia by 9.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 47,321,058 shares of the technology company’s stock valued at $306,167,000 after acquiring an additional 3,896,363 shares during the last quarter. ARGA Investment Management LP grew its position in Nokia by 166.4% in the first quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock worth $163,921,000 after acquiring an additional 12,734,021 shares in the last quarter. Alyeska Investment Group L.P. raised its position in Nokia by 171.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock valued at $113,161,000 after purchasing an additional 11,035,002 shares during the period. Finally, Analog Century Management LP bought a new stake in shares of Nokia in the 4th quarter valued at approximately $104,244,000. 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.