Short Interest in Nokia Oyj (NYSE:NOK) Drops By 35.4%

Nokia Oyj (NYSE:NOK) saw a large drop in short interest during the month of March. As of March 15th, there was short interest totalling 48,180,000 shares, a drop of 35.4% from the February 28th total of 74,630,000 shares. Based on an average daily volume of 19,570,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 0.9% of the company’s shares are short sold.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NOK. StockNews.com downgraded shares of Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. dropped their target price on shares of Nokia Oyj from $6.35 to $6.30 and set an “overweight” rating for the company in a research report on Friday, February 21st. Craig Hallum raised their price target on Nokia Oyj from $6.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group downgraded Nokia Oyj from a “neutral” rating to a “sell” rating and set a $3.60 price objective for the company. in a report on Thursday, January 16th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Nokia Oyj has a consensus rating of “Moderate Buy” and an average target price of $5.85.

Hedge Funds Weigh In On Nokia Oyj

Several institutional investors and hedge funds have recently modified their holdings of NOK. Checchi Capital Advisers LLC lifted its position in Nokia Oyj by 14.0% in the 4th quarter. Checchi Capital Advisers LLC now owns 20,442 shares of the technology company’s stock valued at $91,000 after acquiring an additional 2,509 shares in the last quarter. PDS Planning Inc increased its stake in Nokia Oyj by 10.4% in the 4th quarter. PDS Planning Inc now owns 28,304 shares of the technology company’s stock valued at $125,000 after buying an additional 2,665 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in Nokia Oyj by 4.3% during the 4th quarter. Orion Portfolio Solutions LLC now owns 66,122 shares of the technology company’s stock worth $293,000 after buying an additional 2,722 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Nokia Oyj by 3.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 94,906 shares of the technology company’s stock valued at $420,000 after acquiring an additional 3,398 shares in the last quarter. Finally, Captrust Financial Advisors increased its position in shares of Nokia Oyj by 5.1% in the third quarter. Captrust Financial Advisors now owns 70,778 shares of the technology company’s stock valued at $309,000 after acquiring an additional 3,453 shares during the last quarter. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Nokia Oyj Trading Up 0.3 %

NOK traded up $0.02 during mid-day trading on Friday, hitting $5.22. The stock had a trading volume of 22,353,100 shares, compared to its average volume of 17,152,544. The stock’s fifty day simple moving average is $4.96 and its 200-day simple moving average is $4.62. The firm has a market capitalization of $28.44 billion, a price-to-earnings ratio of 20.86, a price-to-earnings-growth ratio of 6.43 and a beta of 1.11. Nokia Oyj has a 1-year low of $3.29 and a 1-year high of $5.48. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.58 and a quick ratio of 1.39.

Nokia Oyj (NYSE:NOK) last posted its earnings results on Thursday, January 30th. The technology company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.05. Nokia Oyj had a return on equity of 10.30% and a net margin of 6.54%. As a group, research analysts forecast that Nokia Oyj will post 0.34 EPS for the current fiscal year.

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.