Nokia (NYSE:NOK) Stock Price Down 2.5% – Here’s What Happened

Nokia Corporation (NYSE:NOK) shares dropped 2.5% during mid-day trading on Monday . The company traded as low as $9.12 and last traded at $9.13. 42,422,697 shares changed hands during trading, a decline of 48% from the average session volume of 81,584,188 shares. The stock had previously closed at $9.36.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on NOK shares. Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Monday, April 27th. Bank of America upgraded Nokia from a “neutral” rating to a “buy” rating and set a $12.40 target price for the company in a research note on Monday, April 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Nokia in a report on Friday, May 15th. JPMorgan Chase & Co. increased their target price on shares of Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Nokia currently has a consensus rating of “Moderate Buy” and an average price target of $12.57.

Nokia Stock Down 2.5%

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 firm’s 50 day moving average is $12.25 and its two-hundred day moving average is $10.48. The firm has a market cap of $52.43 billion, a P/E ratio of 65.21, a price-to-earnings-growth ratio of 1.10 and a beta of 1.19.

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

Hedge Funds Weigh In On Nokia

Several institutional investors have recently modified their holdings of NOK. Amundi acquired a new stake in Nokia during the 1st quarter worth approximately $776,000. AQR Capital Management LLC increased its position in shares of Nokia by 27.5% during the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock worth $985,000 after acquiring an additional 40,276 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Nokia by 6,539.2% during the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock worth $14,975,000 after acquiring an additional 2,798,758 shares during the period. NewEdge Advisors LLC boosted its stake in Nokia by 6,204.9% in the 1st quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock worth $319,000 after purchasing an additional 59,505 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in Nokia by 8.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock worth $66,140,000 after purchasing an additional 1,002,033 shares in the last quarter. 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.