Shares of Nokia Corporation (NYSE:NOK – Get Free Report) shot up 9.4% during trading on Wednesday . The company traded as high as $10.50 and last traded at $10.33. 115,331,401 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 81,674,320 shares. The stock had previously closed at $9.44.
Wall Street Analysts Forecast Growth
NOK has been the topic of a number of analyst reports. Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a research report on Friday, May 22nd. Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Monday, April 27th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Nokia in a report on Friday, May 15th. Barclays restated an “underweight” rating on shares of Nokia in a research report on Wednesday, April 29th. Finally, Nordea Equity Research upgraded shares of Nokia from a “hold” rating to a “buy” rating in a report on Friday, April 24th. 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 company’s stock. Based on data from MarketBeat, Nokia has an average rating of “Moderate Buy” and a consensus target price of $12.57.
Check Out Our Latest Analysis on NOK
Nokia Stock Performance
Nokia (NYSE:NOK – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The company had revenue of $5.50 billion for the quarter, compared to analysts’ expectations of $5.57 billion. Nokia had a return on equity of 9.83% and a net margin of 3.49%.The firm’s revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.04 earnings per share. Analysts forecast that Nokia Corporation will post 0.39 EPS for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the business. Analog Century Management LP acquired a new stake in shares of Nokia in the fourth quarter valued at $104,244,000. Arrowstreet Capital Limited Partnership boosted its holdings in Nokia by 50.0% in the third quarter. Arrowstreet Capital Limited Partnership now owns 43,424,695 shares of the technology company’s stock valued at $208,873,000 after purchasing an additional 14,482,665 shares during the period. ARGA Investment Management LP grew its stake in Nokia by 166.4% during the 1st quarter. ARGA Investment Management LP now owns 20,388,202 shares of the technology company’s stock worth $163,921,000 after purchasing an additional 12,734,021 shares in the last quarter. Pzena Investment Management LLC increased its holdings in Nokia by 14.5% during the 4th quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock worth $594,868,000 after purchasing an additional 11,612,590 shares during the period. Finally, Alyeska Investment Group L.P. increased its holdings in Nokia by 171.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock worth $113,161,000 after purchasing an additional 11,035,002 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.
Featured Stories
- Five stocks we like better than Nokia
- GE Vernova’s AI Power Boom Faces a Profit Test
- Cardinal Health Earnings: Can Perfection Get Priced In Twice?
- Nebius’ Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand
- Legacy Jet Builders Stall While Embraer Accelerates to New Highs
Receive News & Ratings for Nokia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Nokia and related companies with MarketBeat.com's FREE daily email newsletter.
