Nokia Oyj (NYSE:NOK) Sets New 1-Year High - Here's Why

Nokia Oyj (NYSE:NOK - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $4.82 and last traded at $4.80, with a volume of 3679077 shares. The stock had previously closed at $4.80.

Analysts Set New Price Targets

NOK has been the subject of several analyst reports. StockNews.com raised shares of Nokia Oyj from a "buy" rating to a "strong-buy" rating in a report on Friday, October 18th. Craig Hallum upgraded Nokia Oyj from a "hold" rating to a "strong-buy" rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. lowered their price target on Nokia Oyj from $4.36 to $4.35 and set a "neutral" rating on the stock in a report on Monday. Danske raised Nokia Oyj from a "hold" rating to a "buy" rating in a report on Friday, October 18th. Finally, Northland Securities reaffirmed an "outperform" rating and issued a $6.50 target price on shares of Nokia Oyj in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $4.56.

Nokia Oyj Stock Down 0.5 %

The stock's 50 day simple moving average is $4.34 and its two-hundred day simple moving average is $3.96. The firm has a market cap of $26.37 billion, a P/E ratio of 29.84, a P/E/G ratio of 6.07 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.82 and a quick ratio of 1.57.

Hedge Funds Weigh In On Nokia Oyj

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC raised its holdings in shares of Nokia Oyj by 29.0% during the first quarter. Pzena Investment Management LLC now owns 67,489,193 shares of the technology company's stock valued at $238,912,000 after purchasing an additional 15,175,751 shares during the last quarter. TSP Capital Management Group LLC raised its stake in Nokia Oyj by 89.2% during the 1st quarter. TSP Capital Management Group LLC now owns 2,179,467 shares of the technology company's stock valued at $7,715,000 after buying an additional 1,027,600 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Nokia Oyj by 98.3% in the 1st quarter. Russell Investments Group Ltd. now owns 1,749,327 shares of the technology company's stock worth $6,193,000 after buying an additional 867,297 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Nokia Oyj in the second quarter worth $2,501,000. Finally, Maverick Capital Ltd. purchased a new stake in Nokia Oyj during the second quarter valued at $1,240,000. 5.28% of the stock is owned by institutional investors.

About Nokia Oyj

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.