Nokia (NYSE:NOK) Trading 9.4% Higher – Here’s Why

Nokia Corporation (NYSE:NOK) shares rose 9.4% during trading on Wednesday . The stock traded as high as $10.50 and last traded at $10.33. Approximately 115,331,401 shares were traded during trading, an increase of 41% from the average daily volume of 81,674,320 shares. The stock had previously closed at $9.44.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a report on Tuesday, June 9th. Wall Street Zen cut shares of Nokia from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Argus upgraded shares of Nokia from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research report on Monday, April 27th. Northland Securities set a $20.00 price target on shares of Nokia in a research note on Wednesday, June 3rd. Finally, Barclays reissued an “underweight” rating on shares of Nokia in a research report on Wednesday, April 29th. Thirteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Stock Up 1.1%

The business has a 50-day simple moving average of $11.71 and a two-hundred day simple moving average of $10.57. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.22 and a current ratio of 1.50. The company has a market capitalization of $61.30 billion, a price-to-earnings ratio of 76.25, a PEG ratio of 1.22 and a beta of 1.19.

Nokia (NYSE:NOK) last released its earnings results on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.50 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the previous year, the company posted $0.04 earnings per share. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, equities analysts predict that Nokia Corporation will post 0.39 EPS for the current year.

Hedge Funds Weigh In On Nokia

A number of large investors have recently bought and sold shares of the company. Fifth Third Bancorp boosted its holdings in shares of Nokia by 248.7% in the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock valued at $25,000 after acquiring an additional 2,721 shares in the last quarter. Wexford Capital LP purchased a new position in Nokia during the third quarter worth about $29,000. Caitong International Asset Management Co. Ltd acquired a new stake in Nokia in the third quarter valued at about $34,000. Smithfield Trust Co acquired a new stake in Nokia in the fourth quarter valued at about $35,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Nokia by 86.1% in the 4th quarter. CIBC Private Wealth Group LLC now owns 5,994 shares of the technology company’s stock valued at $39,000 after purchasing an additional 2,773 shares in the last quarter. Hedge funds and other 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.