Nokia Corporation (NYSE:NOK – Get Free Report)’s stock price was down 3.6% during trading on Tuesday . The stock traded as low as $10.21 and last traded at $10.39. 107,981,871 shares were traded 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.
Analysts Set New Price Targets
Several equities analysts recently issued reports on NOK shares. Wall Street Zen cut shares of Nokia from a “buy” rating to a “hold” rating in a research report on Sunday, May 3rd. Barclays restated an “underweight” rating on shares of Nokia in a report on Wednesday, April 29th. Argus raised Nokia from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research report on Monday, April 27th. Morgan Stanley reiterated an “overweight” rating on shares of Nokia in a report on Friday, May 22nd. Finally, Danske upgraded Nokia from a “hold” rating to a “buy” rating in a research note on Wednesday, July 1st. Thirteen equities research 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.57.
View Our Latest Research Report on Nokia
Nokia Trading Down 1.8%
Nokia (NYSE:NOK – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $5.50 billion during 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 quarterly 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. On average, sell-side analysts forecast that Nokia Corporation will post 0.39 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Analog Century Management LP purchased a new position in shares of Nokia during the fourth quarter valued at approximately $104,244,000. QRG Capital Management Inc. raised its holdings in Nokia by 34.6% in the 4th quarter. QRG Capital Management Inc. now owns 539,926 shares of the technology company’s stock worth $3,493,000 after purchasing an additional 138,935 shares during the period. SummitTX Capital L.P. lifted its position in shares of Nokia by 219.4% during the 1st quarter. SummitTX Capital L.P. now owns 245,559 shares of the technology company’s stock valued at $1,974,000 after buying an additional 168,688 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new position in Nokia during the first quarter valued at approximately $9,634,000. Finally, Amundi bought a new position in Nokia in the 1st quarter worth $1,120,000. Hedge funds and other 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.
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