Nokia (NYSE:NOK) Stock Price Down 3.5% – What’s Next?

Nokia Corporation (NYSE:NOK)’s share price dropped 3.5% during mid-day trading on Wednesday . The company traded as low as $9.56 and last traded at $9.5750. 67,934,593 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 82,267,891 shares. The stock had previously closed at $9.92.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on NOK shares. Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price for the company in a report on Monday, April 13th. Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Monday, April 27th. Arete Research upgraded Nokia from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Morgan Stanley restated an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a research report on Tuesday, June 9th. Thirteen 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.57.

Nokia Stock Down 0.7%

The company has a market cap of $53.78 billion, a P/E ratio of 66.89, a price-to-earnings-growth ratio of 1.13 and a beta of 1.19. The company has a quick ratio of 1.22, a current ratio of 1.50 and a debt-to-equity ratio of 0.09. The company has a fifty day moving average of $12.36 and a 200 day moving average of $10.46.

Nokia (NYSE:NOK) last posted its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $5.50 billion for the quarter, compared to the consensus estimate of $5.57 billion. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 earnings per share. On average, research analysts anticipate that Nokia Corporation will post 0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nokia

A number of hedge funds have recently modified their holdings of the business. Analog Century Management LP purchased a new position in shares of Nokia during the 4th quarter valued at about $104,244,000. Arrowstreet Capital Limited Partnership increased its holdings in Nokia by 50.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock worth $208,873,000 after acquiring an additional 14,482,665 shares in the last quarter. ARGA Investment Management LP raised its stake in Nokia by 166.4% during the 1st 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 during the period. Pzena Investment Management LLC lifted its holdings in Nokia by 14.5% during the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock valued at $594,868,000 after purchasing an additional 11,612,590 shares in the last quarter. Finally, Alyeska Investment Group L.P. boosted its position in shares of Nokia by 171.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock worth $113,161,000 after purchasing an additional 11,035,002 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.