Nokia (NYSE:NOK) Stock Price Up 2.3% – Here’s Why

Shares of Nokia Corporation (NYSE:NOK) were up 2.3% during mid-day trading on Monday . The company traded as high as $9.43 and last traded at $9.35. Approximately 60,686,370 shares were traded during trading, a decline of 26% from the average session volume of 82,270,641 shares. The stock had previously closed at $9.14.

Wall Street Analyst Weigh In

NOK has been the subject of several analyst reports. Danske raised Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Morgan Stanley reaffirmed an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Bank of America upgraded Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price target for the company in a report on Monday, April 13th. Barclays restated an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Finally, Wall Street Zen downgraded shares of Nokia from a “buy” rating to a “hold” rating in a report on Sunday, May 3rd. Thirteen 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $12.57.

Nokia Price Performance

The stock has a market cap of $54.98 billion, a PE ratio of 68.39, a P/E/G ratio of 1.10 and a beta of 1.19. 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 business has a 50 day moving average price of $12.59 and a two-hundred day moving average price of $10.42.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NOK. J2 Capital Management Inc raised its stake in 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 acquiring an additional 1,319 shares during the period. Janney Montgomery Scott LLC boosted its position in Nokia by 6.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 22,426 shares of the technology company’s stock worth $145,000 after purchasing an additional 1,450 shares during the period. Kathmere Capital Management LLC increased its stake in shares of Nokia by 14.0% in the first quarter. Kathmere Capital Management LLC now owns 12,081 shares of the technology company’s stock worth $97,000 after purchasing an additional 1,483 shares in the last quarter. Xponance LLC raised its position 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 purchasing an additional 1,567 shares during the period. Finally, Assetmark Inc. raised its position in shares of Nokia by 12.1% in the first quarter. Assetmark Inc. now owns 14,704 shares of the technology company’s stock valued at $118,000 after purchasing an additional 1,591 shares during the period. 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.