Nokia Oyj (NYSE:NOK) Sees Unusually-High Trading Volume – Here’s What Happened

Nokia Oyj (NYSE:NOK) shares saw unusually-strong trading volume on Tuesday . Approximately 28,557,307 shares were traded during trading, an increase of 81% from the previous session’s volume of 15,805,476 shares.The stock last traded at $4.22 and had previously closed at $4.46.

Analyst Ratings Changes

A number of brokerages have weighed in on NOK. Northland Securities reiterated an “outperform” rating and issued a $6.50 price target on shares of Nokia Oyj in a report on Friday, October 18th. StockNews.com cut Nokia Oyj from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 26th. Craig Hallum upgraded Nokia Oyj from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 17th. Danske raised Nokia Oyj from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Nokia Oyj from $4.36 to $4.35 and set a “neutral” rating for the company in a research report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $4.56.

Nokia Oyj Trading Down 2.7 %

The firm has a market cap of $22.55 billion, a price-to-earnings ratio of 53.00, a price-to-earnings-growth ratio of 5.37 and a beta of 1.12. The company has a quick ratio of 1.46, a current ratio of 1.72 and a debt-to-equity ratio of 0.14. The business has a 50 day moving average price of $4.47 and a 200-day moving average price of $4.11.

Nokia Oyj (NYSE:NOK) last released its quarterly earnings results on Thursday, October 17th. The technology company reported $0.07 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.07. Nokia Oyj had a net margin of 2.18% and a return on equity of 8.32%. The business had revenue of $4.75 billion during the quarter, compared to analyst estimates of $5.10 billion. As a group, research analysts expect that Nokia Oyj will post 0.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Nokia Oyj

Hedge funds have recently bought and sold shares of the company. Maverick Capital Ltd. acquired a new stake in shares of Nokia Oyj during the second quarter worth $1,240,000. CreativeOne Wealth LLC raised its stake in Nokia Oyj by 62.3% during the first quarter. CreativeOne Wealth LLC now owns 17,628 shares of the technology company’s stock worth $63,000 after acquiring an additional 6,768 shares during the period. QRG Capital Management Inc. lifted its holdings in Nokia Oyj by 92.8% in the third quarter. QRG Capital Management Inc. now owns 531,722 shares of the technology company’s stock worth $2,324,000 after acquiring an additional 255,893 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Nokia Oyj in the third quarter valued at approximately $821,000. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Nokia Oyj during the first quarter valued at approximately $35,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Nokia Oyj Company Profile

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.