Nokia Corporation (NYSE:NOK) Given Average Recommendation of “Moderate Buy” by Brokerages

Nokia Corporation (NYSE:NOK) has received a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $6.7675.

Several research analysts have issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nokia in a report on Monday, December 22nd. Morgan Stanley upgraded Nokia from an “equal weight” rating to an “overweight” rating in a report on Thursday, January 15th. Santander downgraded Nokia to a “neutral” rating in a report on Wednesday, October 29th. Raymond James Financial reissued an “outperform” rating on shares of Nokia in a research note on Thursday, October 23rd. Finally, Danske raised shares of Nokia from a “hold” rating to a “buy” rating in a research note on Friday, November 21st.

Nokia Stock Performance

Shares of NOK opened at $6.82 on Thursday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.48 and a quick ratio of 1.23. The firm’s 50 day moving average is $6.40 and its 200-day moving average is $5.55. Nokia has a 12-month low of $4.00 and a 12-month high of $8.19. The stock has a market capitalization of $39.17 billion, a P/E ratio of 37.90 and a beta of 0.77.

Hedge Funds Weigh In On Nokia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Amundi acquired a new stake in Nokia during the 1st quarter valued at $776,000. AQR Capital Management LLC grew its holdings in shares of Nokia by 27.5% during the first quarter. AQR Capital Management LLC now owns 186,997 shares of the technology company’s stock valued at $985,000 after buying an additional 40,276 shares in the last quarter. Millennium Management LLC raised its position in Nokia by 6,539.2% during the first quarter. Millennium Management LLC now owns 2,841,558 shares of the technology company’s stock valued at $14,975,000 after buying an additional 2,798,758 shares during the period. NewEdge Advisors LLC lifted its stake in Nokia by 6,204.9% in the 1st quarter. NewEdge Advisors LLC now owns 60,464 shares of the technology company’s stock worth $319,000 after acquiring an additional 59,505 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Nokia by 8.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,550,274 shares of the technology company’s stock worth $66,140,000 after acquiring an additional 1,002,033 shares during the period. Institutional investors and hedge funds own 5.28% of the company’s stock.

Nokia Company Profile

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.