Nokia (NYSE:NOK) Shares Down 3.6% – Here’s What Happened

Nokia Corporation (NYSE:NOK) traded down 3.6% during mid-day trading on Tuesday . The company traded as low as $10.21 and last traded at $10.39. 107,981,871 shares traded hands during mid-day trading, an increase of 32% from the average daily volume of 81,992,961 shares. The stock had previously closed at $10.78.

Analyst Ratings Changes

A number of research firms recently weighed in on NOK. Northland Securities set a $20.00 target price on shares of Nokia in a research report on Wednesday, June 3rd. Morgan Stanley restated an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Danske upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Monday, April 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a report on Tuesday, June 9th. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Nokia has an average rating of “Moderate Buy” and an average target price of $12.57.

Nokia Price Performance

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 has a market capitalization of $59.66 billion, a price-to-earnings ratio of 74.21, a P/E/G ratio of 1.27 and a beta of 1.19. The company’s 50 day moving average is $11.56 and its 200-day moving average is $10.63.

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

Institutional Investors Weigh In On Nokia

Several hedge funds have recently added to or reduced their stakes in NOK. Amundi bought a new position in Nokia during the first quarter worth $776,000. AQR Capital Management LLC lifted its stake in shares of Nokia by 27.5% during the 1st quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock worth $985,000 after buying an additional 40,276 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Nokia by 6,539.2% during the 1st quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock worth $14,975,000 after buying an additional 2,798,758 shares during the period. NewEdge Advisors LLC grew 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 valued at $319,000 after buying an additional 59,505 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Nokia by 8.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock valued at $66,140,000 after buying an additional 1,002,033 shares during the last quarter. 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.