Nokia Oyj (NYSE:NOK) Reaches New 1-Year High – Here’s Why

Nokia Oyj (NYSE:NOK) hit a new 52-week high during trading on Wednesday . The stock traded as high as $4.95 and last traded at $4.93, with a volume of 7827258 shares. The stock had previously closed at $4.90.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. StockNews.com downgraded Nokia Oyj from a “strong-buy” rating to a “buy” rating in a report on Monday, February 3rd. The Goldman Sachs Group cut Nokia Oyj from a “neutral” rating to a “sell” rating and set a $3.60 price target for the company. in a report on Thursday, January 16th. Danske raised Nokia Oyj from a “hold” rating to a “buy” rating in a report on Friday, October 18th. Craig Hallum lifted their target price on Nokia Oyj from $6.00 to $7.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Northland Securities reiterated an “outperform” rating and issued a $6.50 price target on shares of Nokia Oyj in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $5.86.

Nokia Oyj Stock Up 1.7 %

The firm’s 50-day moving average price is $4.53 and its 200 day moving average price is $4.38. The company has a current ratio of 1.58, a quick ratio of 1.39 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $27.18 billion, a price-to-earnings ratio of 19.94, a PEG ratio of 6.17 and a beta of 1.06.

Nokia Oyj (NYSE:NOK) last issued its earnings results on Thursday, January 30th. The technology company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.05. Nokia Oyj had a return on equity of 10.30% and a net margin of 6.54%. On average, sell-side analysts forecast that Nokia Oyj will post 0.34 EPS for the current fiscal year.

Institutional Trading of Nokia Oyj

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Checchi Capital Advisers LLC boosted its position in Nokia Oyj by 14.0% during the 4th quarter. Checchi Capital Advisers LLC now owns 20,442 shares of the technology company’s stock worth $91,000 after buying an additional 2,509 shares during the period. PDS Planning Inc lifted its holdings in shares of Nokia Oyj by 10.4% during the fourth quarter. PDS Planning Inc now owns 28,304 shares of the technology company’s stock worth $125,000 after purchasing an additional 2,665 shares during the period. Truist Financial Corp raised its position in Nokia Oyj by 15.7% during the 2nd quarter. Truist Financial Corp now owns 19,990 shares of the technology company’s stock worth $76,000 after purchasing an additional 2,710 shares during the last quarter. Orion Portfolio Solutions LLC raised its position in shares of Nokia Oyj by 4.3% during the fourth quarter. Orion Portfolio Solutions LLC now owns 66,122 shares of the technology company’s stock worth $293,000 after acquiring an additional 2,722 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Nokia Oyj by 3.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 89,592 shares of the technology company’s stock valued at $392,000 after purchasing an additional 2,776 shares during the last quarter. 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.