Nokia Oyj (NYSE:NOK) Shares Gap Down - Here's Why

Nokia Oyj (NYSE:NOK - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $4.46, but opened at $4.22. Nokia Oyj shares last traded at $4.16, with a volume of 8,203,801 shares changing hands.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NOK shares. StockNews.com cut Nokia Oyj from a "strong-buy" rating to a "buy" rating in a report on Thursday, October 10th. Northland Securities restated an "outperform" rating and issued a $6.50 price target (up previously from $6.00) on shares of Nokia Oyj in a research report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $4.54.

Nokia Oyj Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.82 and a quick ratio of 1.57. The business has a 50-day moving average of $4.25 and a 200-day moving average of $3.92. The company has a market capitalization of $24.00 billion, a P/E ratio of 27.13, a P/E/G ratio of 5.47 and a beta of 1.12.

Nokia Oyj (NYSE:NOK - Get Free Report) last released its earnings results on Thursday, July 18th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $4.81 billion during the quarter, compared to analyst estimates of $5.12 billion. Nokia Oyj had a net margin of 1.95% and a return on equity of 7.98%. On average, sell-side analysts anticipate that Nokia Oyj will post 0.36 EPS for the current year.

Hedge Funds Weigh In On Nokia Oyj

Hedge funds have recently bought and sold shares of the business. Banque Cantonale Vaudoise boosted its stake in shares of Nokia Oyj by 48.2% during the first quarter. Banque Cantonale Vaudoise now owns 9,229 shares of the technology company's stock valued at $33,000 after purchasing an additional 3,000 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Nokia Oyj in the 1st quarter worth about $35,000. GAMMA Investing LLC increased its position in shares of Nokia Oyj by 67.0% during the third 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. Perigon Wealth Management LLC bought a new stake in shares of Nokia Oyj during the first quarter valued at approximately $38,000. Finally, Simplicity Wealth LLC bought a new position in Nokia Oyj in the second quarter worth approximately $39,000. Institutional investors own 5.28% of the company's stock.

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.