Nokia Oyj (NYSE:NOK) Sees Strong Trading Volume – Here’s Why

Shares of Nokia Oyj (NYSE:NOK) saw strong trading volume on Tuesday . 28,557,307 shares traded hands 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.

Analysts Set New Price Targets

Several research analysts have commented on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Nokia Oyj from $4.36 to $4.35 and set a “neutral” rating for the company in a report on Monday, October 21st. Danske upgraded shares of Nokia Oyj from a “hold” rating to a “buy” rating in a report on Friday, October 18th. Northland Securities restated an “outperform” rating and issued a $6.50 price objective on shares of Nokia Oyj in a report on Friday, October 18th. Craig Hallum upgraded shares of Nokia Oyj from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 17th. Finally, StockNews.com downgraded shares of Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 26th. Two equities 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 stock presently has a consensus rating of “Hold” and an average target price of $4.56.

Nokia Oyj Stock Down 7.0 %

The company’s 50 day moving average price is $4.47 and its two-hundred day moving average price is $4.10. 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 stock has a market cap of $22.63 billion, a P/E ratio of 51.50, a PEG ratio of 5.77 and a beta of 1.12.

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

Institutional Investors Weigh In On Nokia Oyj

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Nokia Oyj by 67.0% during the 3rd quarter. GAMMA Investing LLC now owns 8,540 shares of the technology company’s stock worth $37,000 after acquiring an additional 3,427 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in Nokia Oyj during the 1st quarter valued at approximately $35,000. Pinnacle Associates Ltd. purchased a new stake in Nokia Oyj during the 3rd quarter valued at approximately $44,000. JGP Wealth Management LLC purchased a new stake in Nokia Oyj during the 3rd quarter valued at approximately $45,000. Finally, Simplicity Wealth LLC purchased a new position in shares of Nokia Oyj in the second quarter valued at $39,000. Institutional investors own 5.28% of the company’s stock.

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.