Nokia (NYSE:NOK) Stock Price Down 4% – Should You Sell?

Nokia Corporation (NYSE:NOK) fell 4% during trading on Tuesday . The company traded as low as $8.60 and last traded at $8.91. Approximately 107,779,766 shares were traded during trading, an increase of 31% from the average session volume of 82,053,992 shares. The stock had previously closed at $9.28.

Analyst Ratings Changes

Several equities analysts recently issued reports on NOK shares. Nordea Equity Research raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Friday, April 24th. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research note on Friday, May 22nd. Arete Research upgraded Nokia from a “neutral” rating to a “buy” rating in a report on Wednesday, April 29th. Danske raised Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Finally, Argus upgraded Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Monday, April 27th. Thirteen research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.57.

Nokia Stock Performance

The company has a market cap of $52.11 billion, a price-to-earnings ratio of 64.82, a P/E/G ratio of 1.01 and a beta of 1.17. The company has a current ratio of 1.50, a quick ratio of 1.22 and a debt-to-equity ratio of 0.09. The stock’s 50 day moving average price is $13.08 and its 200 day moving average price is $10.34.

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, topping the consensus estimate of $0.07 by $0.01. Nokia had a net margin of 3.49% and a return on equity of 9.83%. The business had revenue of $5.50 billion for the quarter, compared to analysts’ expectations of $5.57 billion. During the same period last year, the company earned $0.04 earnings per share. The company’s quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts expect that Nokia Corporation will post 0.41 EPS for the current fiscal year.

Hedge Funds Weigh In On Nokia

Hedge funds have recently made changes to their positions in the stock. Analog Century Management LP acquired a new stake in Nokia during the fourth quarter worth about $104,244,000. QRG Capital Management Inc. raised its holdings in shares of Nokia by 34.6% in the 4th quarter. QRG Capital Management Inc. now owns 539,926 shares of the technology company’s stock worth $3,493,000 after purchasing an additional 138,935 shares during the period. Polar Asset Management Partners Inc. acquired a new position in shares of Nokia in the 1st quarter valued at about $9,634,000. SummitTX Capital L.P. lifted its stake in shares of Nokia by 219.4% in the 1st quarter. SummitTX Capital L.P. now owns 245,559 shares of the technology company’s stock valued at $1,974,000 after purchasing an additional 168,688 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Nokia by 131.3% during the 1st quarter. Renaissance Technologies LLC now owns 13,294,780 shares of the technology company’s stock worth $106,890,000 after purchasing an additional 7,546,000 shares during the period. Institutional investors and hedge funds 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.