Nokia (NYSE:NOK) Stock Rating Lowered by Arete Research

Nokia (NYSE:NOK) was downgraded by Arete Research from a “buy” rating to a “neutral” rating in a research report issued on Friday, MarketBeat Ratings reports.

Several other analysts have also issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Nokia in a research note on Monday, December 22nd. Santander upgraded Nokia from a “neutral” rating to an “outperform” rating in a research note on Monday, February 2nd. Citigroup reissued a “sell” rating on shares of Nokia in a report on Friday, January 23rd. New Street Research set a $6.57 price objective on shares of Nokia in a report on Thursday, November 20th. Finally, Wall Street Zen lowered shares of Nokia from a “buy” rating to a “hold” rating in a research report on Sunday, November 30th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.01.

Nokia Price Performance

Nokia stock opened at $8.24 on Friday. The business’s 50 day simple moving average is $7.13 and its 200 day simple moving average is $6.25. Nokia has a 12 month low of $4.00 and a 12 month high of $8.66. The company has a market cap of $47.29 billion, a price-to-earnings ratio of 63.36, a PEG ratio of 3.01 and a beta of 0.80. The company has a current ratio of 1.58, a quick ratio of 1.36 and a debt-to-equity ratio of 0.11.

Hedge Funds Weigh In On Nokia

Several hedge funds have recently made changes to their positions in NOK. Jefferies Financial Group Inc. bought a new position in shares of Nokia in the third quarter worth approximately $4,595,000. Penserra Capital Management LLC lifted its position in Nokia by 38.0% during the third quarter. Penserra Capital Management LLC now owns 7,760,500 shares of the technology company’s stock valued at $37,328,000 after purchasing an additional 2,136,545 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Nokia by 35,010.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 12,655,143 shares of the technology company’s stock worth $60,871,000 after buying an additional 12,619,099 shares in the last quarter. TSP Capital Management Group LLC increased its holdings in shares of Nokia by 8.8% in the 3rd quarter. TSP Capital Management Group LLC now owns 2,473,592 shares of the technology company’s stock worth $11,898,000 after buying an additional 200,400 shares during the last quarter. Finally, Folketrygdfondet increased its holdings in shares of Nokia by 66.6% in the 3rd quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock worth $83,600,000 after buying an additional 6,950,487 shares during the last quarter. 5.28% of the stock is currently owned by hedge funds and other institutional investors.

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.