Nokia Corporation (NYSE:NOK – Get Free Report) traded up 7.9% during trading on Thursday . The company traded as high as $9.34 and last traded at $9.0750. Approximately 106,008,039 shares traded hands during mid-day trading, an increase of 29% from the average session volume of 82,339,492 shares. The stock had previously closed at $8.41.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on NOK. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Nokia in a research note on Friday, May 15th. Bank of America raised shares of Nokia from a “neutral” rating to a “buy” rating and set a $12.40 price objective for the company in a report on Monday, April 13th. Barclays reissued an “underweight” rating on shares of Nokia in a research note on Wednesday, April 29th. Nordea Equity Research raised shares of Nokia from a “hold” rating to a “buy” rating in a research report on Friday, April 24th. Finally, Arete Research raised Nokia from a “neutral” rating to a “buy” rating in a report on Wednesday, April 29th. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Nokia currently has an average rating of “Moderate Buy” and an average price target of $12.57.
Get Our Latest Stock Report on NOK
Nokia Stock Up 0.2%
Nokia (NYSE:NOK – Get Free Report) last announced its earnings results on Thursday, July 23rd. The technology company reported $0.08 EPS for the quarter, topping the consensus estimate 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 business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.04 earnings per share. On average, analysts anticipate that Nokia Corporation will post 0.41 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Nokia
Institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp increased its position in Nokia by 248.7% in the fourth quarter. Fifth Third Bancorp now owns 3,815 shares of the technology company’s stock worth $25,000 after purchasing an additional 2,721 shares during the period. FNY Investment Advisers LLC lifted its position in Nokia by 33,457.1% during the 4th quarter. FNY Investment Advisers LLC now owns 4,698 shares of the technology company’s stock valued at $30,000 after purchasing an additional 4,684 shares during the period. Dorato Capital Management bought a new position in shares of Nokia in the 4th quarter valued at about $31,000. Smithfield Trust Co bought a new position in shares of Nokia in the 4th quarter valued at about $35,000. Finally, Wexford Capital LP acquired a new stake in shares of Nokia during the 3rd quarter worth approximately $29,000. 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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