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

Nokia Oyj (NYSE:NOK) shares gapped up prior to trading on Tuesday . The stock had previously closed at $5.27, but opened at $5.40. Nokia Oyj shares last traded at $5.34, with a volume of 2,859,516 shares changing hands.

Wall Street Analysts Forecast Growth

NOK has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Nokia Oyj from $6.35 to $6.30 and set an “overweight” rating on the stock in a report on Friday, February 21st. StockNews.com lowered Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 3rd. Craig Hallum upped their price objective on Nokia Oyj from $6.00 to $7.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group cut Nokia Oyj from a “neutral” rating to a “sell” rating and set a $3.60 price objective on the stock. in a research report on Thursday, January 16th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Nokia Oyj currently has an average rating of “Moderate Buy” and an average price target of $5.85.

Nokia Oyj Stock Performance

The stock has a 50 day moving average of $4.97 and a 200 day moving average of $4.63. The company has a quick ratio of 1.39, a current ratio of 1.58 and a debt-to-equity ratio of 0.14. The firm has a market cap of $29.25 billion, a price-to-earnings ratio of 21.46, a P/E/G ratio of 6.43 and a beta of 1.11.

Nokia Oyj (NYSE:NOK) last announced its quarterly earnings results on Thursday, January 30th. The technology company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.05. Nokia Oyj had a net margin of 6.54% and a return on equity of 10.30%. As a group, analysts anticipate that Nokia Oyj will post 0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Nokia Oyj

A number of hedge funds and other institutional investors have recently bought and sold shares of NOK. FMR LLC boosted its stake in shares of Nokia Oyj by 1,012.3% during the third quarter. FMR LLC now owns 30,497,275 shares of the technology company’s stock valued at $133,273,000 after purchasing an additional 27,755,460 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Nokia Oyj by 179.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 29,058,227 shares of the technology company’s stock worth $128,728,000 after buying an additional 18,660,482 shares during the period. Alyeska Investment Group L.P. bought a new stake in Nokia Oyj during the 4th quarter worth approximately $53,481,000. Freestone Grove Partners LP acquired a new position in Nokia Oyj in the 4th quarter valued at approximately $33,348,000. Finally, Woodline Partners LP lifted its holdings in shares of Nokia Oyj by 125.4% during the fourth quarter. Woodline Partners LP now owns 12,000,442 shares of the technology company’s stock worth $53,162,000 after purchasing an additional 6,677,017 shares during the period. 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.