Nokia Oyj (NYSE:NOK) Shares Gap Down – Here’s What Happened

Nokia Oyj (NYSE:NOK) gapped down prior to trading on Thursday . The stock had previously closed at $4.61, but opened at $4.47. Nokia Oyj shares last traded at $4.45, with a volume of 6,300,376 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have commented on NOK. Northland Securities restated an “outperform” rating and issued a $6.50 target price on shares of Nokia Oyj in a research note on Friday, October 18th. Danske upgraded Nokia Oyj from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. The Goldman Sachs Group downgraded Nokia Oyj from a “neutral” rating to a “sell” rating and set a $3.60 price target for the company. in a research note on Thursday. StockNews.com downgraded Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. upgraded Nokia Oyj from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $4.35 to $6.35 in a research note on Monday, December 9th. Two investment analysts have rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.86.

Nokia Oyj Stock Down 3.5 %

The company has a current ratio of 1.72, a quick ratio of 1.46 and a debt-to-equity ratio of 0.14. The firm has a market cap of $24.26 billion, a price-to-earnings ratio of 55.63, a PEG ratio of 5.61 and a beta of 1.06. The firm has a 50-day moving average of $4.41 and a two-hundred day moving average of $4.27.

Nokia Oyj (NYSE:NOK) last posted its quarterly earnings data on Thursday, October 17th. The technology company reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. Nokia Oyj had a return on equity of 8.32% and a net margin of 2.18%. The business had revenue of $4.75 billion during the quarter, compared to analysts’ expectations of $5.10 billion. As a group, sell-side analysts predict that Nokia Oyj will post 0.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nokia Oyj

Large investors have recently made changes to their positions in the business. Maverick Capital Ltd. acquired a new position in Nokia Oyj in the 2nd quarter valued at approximately $1,240,000. FMR LLC raised its holdings in shares of Nokia Oyj by 1,012.3% in the 3rd quarter. FMR LLC now owns 30,497,275 shares of the technology company’s stock worth $133,273,000 after buying an additional 27,755,460 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Nokia Oyj in the 3rd quarter worth approximately $1,417,000. QRG Capital Management Inc. raised its holdings in shares of Nokia Oyj by 92.8% in the 3rd quarter. QRG Capital Management Inc. now owns 531,722 shares of the technology company’s stock worth $2,324,000 after buying an additional 255,893 shares in the last quarter. Finally, IHT Wealth Management LLC grew its position in Nokia Oyj by 1,101.8% during the 3rd quarter. IHT Wealth Management LLC now owns 179,848 shares of the technology company’s stock worth $786,000 after acquiring an additional 164,883 shares during the last quarter. Institutional investors and hedge funds own 5.28% of the company’s stock.

About Nokia Oyj

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.