Nokia Corp. (NOK) Receives “Buy” Rating from Canaccord Genuity
Nokia Corp. (NYSE:NOK)‘s stock had its “buy” rating restated by investment analysts at Canaccord Genuity in a research note issued to investors on Thursday. They currently have a $6.00 price target on the technology company’s stock, down from their prior price target of $7.00. Canaccord Genuity’s price objective points to a potential upside of 21.46% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on the stock. Vetr cut shares of Nokia Corp. from a “buy” rating to a “hold” rating and set a $5.92 price target on the stock. in a research report on Wednesday, July 13th. Zacks Investment Research cut shares of Nokia Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Goldman Sachs Group Inc. cut shares of Nokia Corp. from a “conviction-buy” rating to a “buy” rating in a research report on Thursday. BMO Capital Markets restated a “positive” rating and issued a $7.00 price target on shares of Nokia Corp. in a research report on Wednesday, July 13th. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and issued a $8.00 price target on shares of Nokia Corp. in a research report on Tuesday, August 16th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $6.82.
Shares of Nokia Corp. (NYSE:NOK) traded down 2.95% on Thursday, reaching $4.94. 23,210,817 shares of the company’s stock traded hands. Nokia Corp. has a 12-month low of $4.88 and a 12-month high of $7.63. The firm has a market cap of $28.51 billion, a P/E ratio of 27.29 and a beta of 1.47. The stock has a 50-day moving average of $5.62 and a 200 day moving average of $5.67.
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Nokia Corp. (NYSE:NOK) last released its quarterly earnings data on Thursday, August 4th. The technology company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by $0.01. The company had revenue of $5.58 billion for the quarter, compared to the consensus estimate of $5.80 billion. Nokia Corp. had a net margin of 4.13% and a return on equity of 7.60%. The company’s quarterly revenue was up 91.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. On average, equities research analysts expect that Nokia Corp. will post $0.20 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in NOK. Quantitative Systematic Strategies LLC purchased a new stake in Nokia Corp. during the second quarter worth $166,000. Diligent Investors LLC purchased a new stake in Nokia Corp. during the second quarter worth $165,000. Capital Fund Management S.A. purchased a new stake in Nokia Corp. during the second quarter worth $3,982,000. Prospera Financial Services Inc purchased a new stake in Nokia Corp. during the second quarter worth $101,000. Finally, Stoneridge Investment Partners LLC boosted its stake in Nokia Corp. by 17.5% in the second quarter. Stoneridge Investment Partners LLC now owns 658,881 shares of the technology company’s stock worth $3,749,000 after buying an additional 98,194 shares in the last quarter. Institutional investors and hedge funds own 4.28% of the company’s stock.
Nokia Corp. Company Profile
Nokia Corporation is a global provider of network infrastructure and related services, with a focus on mobile broadband, as well as advanced technology development and licensing. The Company’s businesses include Nokia Networks and Nokia Technologies. The Company’s segments include Mobile Broadband, Global Services, Nokia Networks Other and Nokia Technologies.
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