Nokia Oyj (NYSE:NOK) shares rose 7.4% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $4.95 and last traded at $4.78, approximately 117,704,891 shares were traded during trading. An increase of 253% from the average daily volume of 33,337,473 shares. The stock had previously closed at $4.45.
The technology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.04. Nokia Oyj had a net margin of 1.43% and a return on equity of 9.14%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.63 billion.
Several brokerages have recently commented on NOK. MKM Partners decreased their price objective on shares of Nokia Oyj from $6.00 to $5.00 and set a “buy” rating on the stock in a report on Friday, May 1st. Northland Securities began coverage on shares of Nokia Oyj in a report on Tuesday, July 14th. They issued a “buy” rating and a $6.00 price objective on the stock. Canaccord Genuity restated a “buy” rating and issued a $5.50 price objective on shares of Nokia Oyj in a report on Thursday, April 30th. JPMorgan Chase & Co. lowered shares of Nokia Oyj from an “overweight” rating to a “neutral” rating in a report on Wednesday, July 8th. Finally, ValuEngine lowered shares of Nokia Oyj from a “hold” rating to a “sell” rating in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $4.59.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. JustInvest LLC increased its stake in Nokia Oyj by 10.5% during the 2nd quarter. JustInvest LLC now owns 29,508 shares of the technology company’s stock worth $130,000 after buying an additional 2,807 shares during the period. Headinvest LLC increased its position in shares of Nokia Oyj by 20.0% in the 1st quarter. Headinvest LLC now owns 18,000 shares of the technology company’s stock valued at $103,000 after purchasing an additional 3,000 shares during the last quarter. AlphaMark Advisors LLC increased its position in shares of Nokia Oyj by 0.5% in the 1st quarter. AlphaMark Advisors LLC now owns 566,321 shares of the technology company’s stock valued at $1,756,000 after purchasing an additional 3,062 shares during the last quarter. US Bancorp DE increased its position in shares of Nokia Oyj by 1.5% in the 1st quarter. US Bancorp DE now owns 222,024 shares of the technology company’s stock valued at $688,000 after purchasing an additional 3,299 shares during the last quarter. Finally, Brinker Capital Inc. increased its position in shares of Nokia Oyj by 33.4% in the 2nd quarter. Brinker Capital Inc. now owns 14,093 shares of the technology company’s stock valued at $62,000 after purchasing an additional 3,531 shares during the last quarter. 4.49% of the stock is currently owned by hedge funds and other institutional investors.
The stock’s 50-day simple moving average is $4.33 and its 200 day simple moving average is $3.84. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.14 and a current ratio of 1.37. The company has a market capitalization of $24.97 billion, a PE ratio of 68.29, a P/E/G ratio of 1.16 and a beta of 0.56.
About Nokia Oyj (NYSE:NOK)
Nokia Corporation engages in the network and technology businesses worldwide. The company operates in four segments: Ultra Broadband Networks, Global Services, IP Networks and Applications, and Nokia Technologies. It provides hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals, including public safety and Internet of Things (IoT).
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