Nokia Oyj (NYSE:NOK) was the recipient of a large 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 daily volume of 14,337,083 shares, the short-interest ratio is presently 2.6 days.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BB&T Securities LLC purchased a new position in Nokia Oyj in the 2nd quarter worth $105,000. United Capital Financial Advisers LLC purchased a new position in Nokia Oyj in the 1st quarter worth $107,000. OLD National Bancorp IN purchased a new position in Nokia Oyj in the 2nd quarter worth $129,000. Suntrust Banks Inc. raised its position in Nokia Oyj by 75.7% in the 1st quarter. Suntrust Banks Inc. now owns 31,580 shares of the technology company’s stock worth $171,000 after purchasing an additional 13,606 shares during the period. Finally, Sei Investments Co. raised its position in Nokia Oyj by 86.0% in the 1st quarter. Sei Investments Co. now owns 35,904 shares of the technology company’s stock worth $197,000 after purchasing an additional 16,602 shares during the period. 6.84% of the stock is owned by institutional investors.
NOK has been the subject of several analyst reports. ValuEngine downgraded shares of Nokia Oyj from a “sell” rating to a “strong sell” rating in a report on Thursday, August 2nd. Zacks Investment Research raised shares of Nokia Oyj from a “hold” rating to a “buy” rating and set a $6.25 price objective for the company in a report on Wednesday, October 24th. Credit Suisse Group raised shares of 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 report on Wednesday, September 19th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Nokia Oyj in a report on Monday, September 17th. Finally, Nordea Equity Research raised shares of Nokia Oyj from a “hold” rating to a “buy” rating in a report on Friday, July 27th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $5.92.
Nokia Oyj (NYSE:NOK) last posted its quarterly earnings data on Thursday, October 25th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Nokia Oyj had a negative net margin of 4.12% and a positive return on equity of 8.03%. The company had revenue of $6.35 billion during the quarter, compared to the consensus estimate of $6.56 billion. On average, equities analysts expect that Nokia Oyj will post 0.24 EPS for the current year.
About Nokia Oyj
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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