Nokia (NYSE:NOK) Trading 4% Higher After Analyst Upgrade

Nokia Corporation (NYSE:NOK)’s stock price shot up 4% during mid-day trading on Thursday after BNP Paribas upgraded the stock from a hold rating to an outperform rating. BNP Paribas now has a $5.00 price target on the stock. Nokia traded as high as $4.57 and last traded at $4.56. 9,608,385 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 19,759,633 shares. The stock had previously closed at $4.38.

Several other research analysts have also weighed in on the stock. Wall Street Zen upgraded shares of Nokia from a “hold” rating to a “buy” rating in a report on Wednesday, May 21st. BNP Paribas Exane raised shares of Nokia from a “neutral” rating to an “outperform” rating and set a $5.00 target price for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. dropped their target price on shares of Nokia from $6.50 to $6.00 and set an “overweight” rating for the company in a research report on Tuesday, July 29th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Nokia currently has an average rating of “Moderate Buy” and an average target price of $5.52.

Institutional Trading of Nokia

Hedge funds have recently made changes to their positions in the stock. Harbour Investments Inc. grew its position in shares of Nokia by 7,046.5% during the first quarter. Harbour Investments Inc. now owns 5,074 shares of the technology company’s stock worth $27,000 after buying an additional 5,003 shares in the last quarter. Wealthquest Corp acquired a new position in Nokia in the first quarter worth $27,000. FNY Investment Advisers LLC acquired a new position in Nokia in the second quarter worth $34,000. Farther Finance Advisors LLC boosted its holdings in Nokia by 58.4% in the first quarter. Farther Finance Advisors LLC now owns 7,191 shares of the technology company’s stock worth $38,000 after purchasing an additional 2,651 shares during the period. Finally, Assetmark Inc. boosted its holdings in Nokia by 763.7% in the first quarter. Assetmark Inc. now owns 8,240 shares of the technology company’s stock worth $43,000 after purchasing an additional 7,286 shares during the period. Institutional investors and hedge funds own 5.28% of the company’s stock.

Nokia Trading Down 1.0%

The stock has a market cap of $24.51 billion, a price-to-earnings ratio of 22.78 and a beta of 0.90. The business’s fifty day simple moving average is $4.49 and its 200 day simple moving average is $4.92. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.46 and a quick ratio of 1.21.

Nokia (NYSE:NOK) last announced its quarterly earnings results on Thursday, July 24th. The technology company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.02). Nokia had a net margin of 5.30% and a return on equity of 8.36%. The firm had revenue of $5.34 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the firm posted $0.06 EPS. The business’s revenue was up 1.8% compared to the same quarter last year. On average, research analysts predict that Nokia Corporation will post 0.34 EPS for the current year.

Nokia Company Profile

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.