Nokia (NYSE:NOK) Shares Up 6% – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares were up 6% on Tuesday . The company traded as high as $10.17 and last traded at $9.92. Approximately 97,614,491 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 82,376,258 shares. The stock had previously closed at $9.36.

Wall Street Analyst Weigh In

A number of research firms have commented on NOK. Arete Research raised shares of Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Barclays reaffirmed an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Morgan Stanley restated an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Nordea Equity Research upgraded Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a research report on Tuesday, June 9th. Thirteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Up 6.0%

The stock has a market capitalization of $56.96 billion, a P/E ratio of 70.86, a PEG ratio of 1.04 and a beta of 1.19. The stock has a 50 day moving average price of $12.72 and a 200-day moving average price of $10.39. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.50 and a quick ratio of 1.22.

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

Institutional Investors Weigh In On Nokia

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOK. Valeo Financial Advisors LLC grew its holdings in Nokia by 14.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 21,184 shares of the technology company’s stock worth $281,000 after acquiring an additional 2,748 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of Nokia during the second quarter valued at about $436,000. Foster Group Inc. purchased a new stake in shares of Nokia during the second quarter worth about $138,000. GAMMA Investing LLC grew its stake in shares of Nokia by 16.6% in the second quarter. GAMMA Investing LLC now owns 26,390 shares of the technology company’s stock worth $350,000 after purchasing an additional 3,751 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in shares of Nokia in the second quarter worth about $720,000. 5.28% of the stock is currently owned by 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.