Nokia Oyj (NYSE:NOK) saw a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 36,609,064 shares, an increase of 37.2% from the September 28th total of 26,688,977 shares. Based on an average trading volume of 14,337,083 shares, the days-to-cover ratio is currently 2.6 days.
Hedge funds have recently modified their holdings of the business. BB&T Securities LLC bought a new stake in shares of Nokia Oyj during the second quarter valued at approximately $105,000. United Capital Financial Advisers LLC bought a new stake in shares of Nokia Oyj during the first quarter valued at approximately $107,000. OLD National Bancorp IN bought a new stake in shares of Nokia Oyj during the second quarter valued at approximately $129,000. Suntrust Banks Inc. increased its holdings in shares of Nokia Oyj by 75.7% during the first quarter. Suntrust Banks Inc. now owns 31,580 shares of the technology company’s stock valued at $171,000 after acquiring an additional 13,606 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in shares of Nokia Oyj by 86.0% during the first quarter. Sei Investments Co. now owns 35,904 shares of the technology company’s stock valued at $197,000 after acquiring an additional 16,602 shares in the last quarter. Institutional investors and hedge funds own 6.84% of the company’s stock.
NOK has been the topic of a number of recent analyst reports. ValuEngine lowered Nokia Oyj from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 2nd. Zacks Investment Research raised Nokia Oyj from a “hold” rating to a “buy” rating and set a $6.25 price objective on the stock in a research note on Wednesday, October 24th. Credit Suisse Group raised Nokia Oyj from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $5.56 to $7.00 in a research note on Wednesday, September 19th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Nokia Oyj in a research note on Monday, September 17th. Finally, Nordea Equity Research upgraded Nokia Oyj from a “hold” rating to a “buy” rating in a report on Friday, July 27th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $5.79.
Nokia Oyj (NYSE:NOK) last issued its earnings results on Thursday, October 25th. The technology company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The business had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.56 billion. Nokia Oyj had a positive return on equity of 8.03% and a negative net margin of 4.12%. On average, research analysts anticipate that Nokia Oyj will post 0.24 earnings per share for the current year.
Nokia Oyj Company Profile
Nokia Corporation engages in the network and technology businesses worldwide. The company operates through four segments: Ultra Broadband Networks, Global Services, IP Networks and Applications, and Nokia Technologies. It provides mobile networking solutions, including hardware, software, and services for telecommunications operators, enterprises, and related markets/verticals.
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