Nokia (NYSE:NOK) Downgraded by Arete Research to Neutral

Nokia (NYSE:NOK) was downgraded by Arete Research from a “buy” rating to a “neutral” rating in a report released on Friday, Marketbeat reports.

Several other research firms have also recently issued reports on NOK. Morgan Stanley began coverage on Nokia in a research note on Monday, February 9th. They set an “overweight” rating and a $8.00 target price for the company. Santander raised Nokia from a “neutral” rating to an “outperform” rating in a research note on Monday, February 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Nokia in a research report on Monday, December 22nd. Citigroup restated a “sell” rating on shares of Nokia in a report on Friday, January 23rd. Finally, Kepler Capital Markets raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, January 7th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Nokia currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.01.

Nokia Trading Up 1.2%

Shares of NYSE NOK traded up $0.10 during midday trading on Friday, reaching $8.24. 50,747,686 shares of the stock were exchanged, compared to its average volume of 43,394,484. The stock has a market capitalization of $47.29 billion, a P/E ratio of 63.41, a PEG ratio of 2.88 and a beta of 0.80. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.36 and a current ratio of 1.58. The company has a 50 day simple moving average of $7.09 and a 200 day simple moving average of $6.20. Nokia has a twelve month low of $4.00 and a twelve month high of $8.66.

Hedge Funds Weigh In On Nokia

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp increased its position in shares of Nokia by 248.7% in the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock valued at $25,000 after purchasing an additional 2,721 shares during the last quarter. Wexford Capital LP acquired a new stake in Nokia during the third quarter worth approximately $29,000. FNY Investment Advisers LLC grew its position in shares of Nokia by 33,457.1% in the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after buying an additional 4,684 shares during the last quarter. Dorato Capital Management acquired a new stake in Nokia during the 4th quarter worth $31,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Nokia in the third quarter valued at $34,000. 5.28% of the stock is owned by institutional investors and hedge funds.

Nokia Company Profile

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.