Nokia Oyj (NOK) Sees Significant Decline in Short Interest

Nokia Oyj (NYSE:NOK) saw a large decrease in short interest in the month of March. As of March 29th, there was short interest totalling 50,280,319 shares, a decrease of 11.7% from the March 15th total of 56,921,457 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily trading volume, of 34,081,071 shares, the days-to-cover ratio is currently 1.5 days.

NOK has been the topic of several research reports. TheStreet upgraded shares of Nokia Oyj from a “c+” rating to a “b-” rating in a report on Monday, March 18th. Raymond James upgraded shares of Nokia Oyj from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $4.75 to $7.50 in a report on Tuesday, January 8th. Zacks Investment Research upgraded shares of Nokia Oyj from a “sell” rating to a “hold” rating in a report on Friday, January 4th. Goldman Sachs Group downgraded shares of Nokia Oyj from a “neutral” rating to a “sell” rating and set a $5.72 price target on the stock. in a report on Monday. Finally, Nordea Equity Research cut shares of Nokia Oyj from a “buy” rating to a “hold” rating in a research note on Wednesday, March 20th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Nokia Oyj presently has an average rating of “Hold” and a consensus price target of $6.79.

Several hedge funds and other institutional investors have recently modified their holdings of NOK. Mackenzie Financial Corp lifted its position in shares of Nokia Oyj by 29.3% during the 3rd quarter. Mackenzie Financial Corp now owns 32,166,684 shares of the technology company’s stock valued at $179,490,000 after buying an additional 7,296,372 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Nokia Oyj by 118.3% during the 4th quarter. Bank of America Corp DE now owns 14,251,970 shares of the technology company’s stock valued at $82,947,000 after buying an additional 7,724,302 shares in the last quarter. FMR LLC lifted its position in shares of Nokia Oyj by 251.7% during the 4th quarter. FMR LLC now owns 12,084,463 shares of the technology company’s stock valued at $70,331,000 after buying an additional 8,648,798 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Nokia Oyj by 25,510.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 10,663,449 shares of the technology company’s stock valued at $62,061,000 after buying an additional 10,621,812 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Nokia Oyj by 820.4% during the 4th quarter. Millennium Management LLC now owns 9,639,023 shares of the technology company’s stock valued at $56,099,000 after buying an additional 8,591,749 shares in the last quarter. 6.85% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE NOK opened at $5.64 on Tuesday. The company has a market cap of $33.08 billion, a PE ratio of 20.89 and a beta of 0.31. Nokia Oyj has a 12 month low of $5.07 and a 12 month high of $6.65. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.07 and a current ratio of 1.30.

Nokia Oyj (NYSE:NOK) last issued its quarterly earnings data on Thursday, January 31st. The technology company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The business had revenue of $7.84 billion for the quarter, compared to analysts’ expectations of $7.61 billion. Nokia Oyj had a negative net margin of 1.58% and a positive return on equity of 8.03%. As a group, analysts forecast that Nokia Oyj will post 0.31 EPS for the current fiscal year.

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About Nokia Oyj

Nokia Corporation engages in the network and technology businesses worldwide. The company operates in four segments: Ultra Broadband Networks, Global Services, IP Networks and Applications, and Nokia Technologies. It provides hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals, including public safety and Internet of Things (IoT).

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