Nokia (NYSE:NOK) Stock Price Up 1.7% – Here’s Why

Nokia Corporation (NYSE:NOK)’s stock price shot up 1.7% on Monday . The stock traded as high as $9.37 and last traded at $9.2510. 96,866,434 shares traded hands during trading, an increase of 18% from the average session volume of 81,847,891 shares. The stock had previously closed at $9.10.

Analyst Ratings Changes

Several research analysts have recently issued reports on NOK shares. Barclays reaffirmed an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Danske upgraded shares of Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, July 1st. Wall Street Zen cut shares of Nokia from a “buy” rating to a “hold” rating in a research note on Sunday, May 3rd. JPMorgan Chase & Co. lifted their target price on shares of Nokia from $14.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $12.57.

Nokia Price Performance

The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.22 and a current ratio of 1.50. The company has a market capitalization of $49.99 billion, a price-to-earnings ratio of 62.16, a price-to-earnings-growth ratio of 1.05 and a beta of 1.17. The company has a 50-day moving average price of $13.18 and a 200-day moving average price of $10.32.

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, beating analysts’ consensus estimates 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 the consensus estimate of $5.57 billion. During the same period last year, the company posted $0.04 EPS. Nokia’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts expect that Nokia Corporation will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Nokia

A number of hedge funds have recently modified their holdings of the business. J2 Capital Management Inc grew its position in shares of Nokia by 2.0% in the 1st quarter. J2 Capital Management Inc now owns 68,204 shares of the technology company’s stock valued at $548,000 after purchasing an additional 1,319 shares during the period. Janney Montgomery Scott LLC lifted its stake in Nokia by 6.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 22,426 shares of the technology company’s stock valued at $145,000 after buying an additional 1,450 shares in the last quarter. Kathmere Capital Management LLC lifted its stake in Nokia by 14.0% in the first quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company’s stock valued at $97,000 after buying an additional 1,483 shares in the last quarter. Xponance LLC boosted its holdings in shares of Nokia by 13.0% in the fourth quarter. Xponance LLC now owns 13,590 shares of the technology company’s stock valued at $88,000 after buying an additional 1,567 shares during the period. Finally, Assetmark Inc. increased its position in shares of Nokia by 12.1% during the first quarter. Assetmark Inc. now owns 14,704 shares of the technology company’s stock worth $118,000 after acquiring an additional 1,591 shares in the last quarter. Institutional investors and hedge funds own 5.28% of the company’s stock.

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.