Nokia (NYSE:NOK) Reaches New 1-Year High – Should You Buy?

Nokia Corporation (NYSE:NOK) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $8.66 and last traded at $8.4550, with a volume of 26449770 shares changing hands. The stock had previously closed at $8.14.

Wall Street Analyst Weigh In

Several research firms recently commented on NOK. Santander upgraded shares of Nokia from a “neutral” rating to an “outperform” rating in a research report on Monday, February 2nd. Argus raised shares of Nokia to a “hold” rating in a research note on Wednesday, February 11th. New Street Research set a $6.57 price target on shares of Nokia in a report on Thursday, November 20th. Citigroup reissued a “sell” rating on shares of Nokia in a research note on Friday, January 23rd. Finally, Arete Research downgraded Nokia from a “buy” rating to a “neutral” rating in a report on Friday. Eight investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Nokia has a consensus rating of “Moderate Buy” and an average target price of $7.01.

Nokia Stock Performance

The stock has a 50 day moving average of $7.13 and a 200 day moving average of $6.25. The company has a market capitalization of $47.29 billion, a price-to-earnings ratio of 63.36, a price-to-earnings-growth ratio of 3.01 and a beta of 0.80. The company has a quick ratio of 1.36, a current ratio of 1.58 and a debt-to-equity ratio of 0.11.

Institutional Investors Weigh In On Nokia

Institutional investors have recently modified their holdings of the company. Artisan Partners Limited Partnership increased its position in shares of Nokia by 1.8% during the second quarter. Artisan Partners Limited Partnership now owns 108,136,988 shares of the technology company’s stock worth $560,150,000 after buying an additional 1,957,524 shares during the period. Pzena Investment Management LLC lifted its holdings in Nokia by 14.5% in the fourth quarter. Pzena Investment Management LLC now owns 91,942,507 shares of the technology company’s stock valued at $594,868,000 after buying an additional 11,612,590 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Nokia by 9.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 47,321,058 shares of the technology company’s stock valued at $306,167,000 after buying an additional 3,896,363 shares during the period. Alyeska Investment Group L.P. boosted its position in Nokia by 171.0% during the fourth quarter. Alyeska Investment Group L.P. now owns 17,490,101 shares of the technology company’s stock valued at $113,161,000 after acquiring an additional 11,035,002 shares during the last quarter. Finally, Folketrygdfondet grew its holdings in Nokia by 66.6% during the 3rd quarter. Folketrygdfondet now owns 17,380,530 shares of the technology company’s stock worth $83,600,000 after acquiring an additional 6,950,487 shares during the period. 5.28% of the stock is owned by institutional investors.

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.