Nokia (NYSE:NOK) Stock Price Down 1.2% – Here’s Why

Nokia Corporation (NYSE:NOK)’s stock price fell 1.2% during trading on Wednesday . The company traded as low as $13.70 and last traded at $13.8170. 102,743,707 shares traded hands during mid-day trading, an increase of 30% from the average session volume of 78,731,445 shares. The stock had previously closed at $13.98.

Analysts Set New Price Targets

A number of brokerages recently commented on NOK. Wall Street Zen cut shares of Nokia from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. Northland Securities set a $20.00 target price on shares of Nokia in a research report on Wednesday, June 3rd. Arete Research upgraded shares of Nokia from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 29th. Danske cut shares of Nokia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Finally, Barclays reissued an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.57.

Nokia Stock Performance

The firm has a market cap of $79.34 billion, a P/E ratio of 86.36, a price-to-earnings-growth ratio of 2.88 and a beta of 1.15. The company has a current ratio of 1.57, a quick ratio of 1.32 and a debt-to-equity ratio of 0.11. The business’s fifty day simple moving average is $12.94 and its 200-day simple moving average is $9.15.

Nokia (NYSE:NOK) last announced its quarterly earnings results on Tuesday, March 31st. The technology company reported $0.06 earnings per share (EPS) for the quarter. The business had revenue of $5.21 billion for the quarter. Nokia had a net margin of 4.02% and a return on equity of 9.05%. As a group, sell-side analysts expect that Nokia Corporation will post 0.4 earnings per share for the current year.

Institutional Investors Weigh In On Nokia

Large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its holdings in Nokia by 248.7% in the 4th quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after acquiring an additional 2,721 shares during the last quarter. FNY Investment Advisers LLC boosted its stake in shares of Nokia by 33,457.1% during the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after purchasing an additional 4,684 shares in the last quarter. Dorato Capital Management bought a new stake in shares of Nokia during the 4th quarter valued at about $31,000. Smithfield Trust Co bought a new stake in shares of Nokia during the 4th quarter valued at about $35,000. Finally, Wexford Capital LP bought a new stake in shares of Nokia during the 3rd quarter valued at about $29,000. 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.