Pinnacle Associates Ltd. Purchases New Holdings in Nokia Oyj (NYSE:NOK)

Pinnacle Associates Ltd. acquired a new position in Nokia Oyj (NYSE:NOK) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 10,020 shares of the technology company’s stock, valued at approximately $44,000.

Other institutional investors also recently modified their holdings of the company. Truist Financial Corp raised its position in Nokia Oyj by 15.7% in the second quarter. Truist Financial Corp now owns 19,990 shares of the technology company’s stock worth $76,000 after purchasing an additional 2,710 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Nokia Oyj by 3.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 89,592 shares of the technology company’s stock worth $392,000 after buying an additional 2,776 shares in the last quarter. V Square Quantitative Management LLC lifted its position in shares of Nokia Oyj by 3.9% during the 2nd quarter. V Square Quantitative Management LLC now owns 83,509 shares of the technology company’s stock worth $328,000 after buying an additional 3,097 shares during the period. Bleakley Financial Group LLC grew its position in Nokia Oyj by 30.8% in the third quarter. Bleakley Financial Group LLC now owns 13,580 shares of the technology company’s stock valued at $59,000 after acquiring an additional 3,199 shares during the period. Finally, Profund Advisors LLC raised its stake in Nokia Oyj by 3.0% during the second quarter. Profund Advisors LLC now owns 115,950 shares of the technology company’s stock worth $438,000 after acquiring an additional 3,349 shares in the last quarter. Institutional investors and hedge funds own 5.28% of the company’s stock.

Nokia Oyj Stock Performance

NOK stock opened at $4.67 on Tuesday. The company has a 50 day moving average price of $4.43 and a 200 day moving average price of $4.04. Nokia Oyj has a fifty-two week low of $2.94 and a fifty-two week high of $4.95. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.72 and a quick ratio of 1.57. The stock has a market capitalization of $25.68 billion, a PE ratio of 58.38, a price-to-earnings-growth ratio of 6.13 and a beta of 1.12.

Analysts Set New Price Targets

Several brokerages have recently commented on NOK. JPMorgan Chase & Co. reduced their target price on shares of Nokia Oyj from $4.36 to $4.35 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Danske raised shares of Nokia Oyj from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. StockNews.com cut shares of Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 26th. Northland Securities restated an “outperform” rating and set a $6.50 price target on shares of Nokia Oyj in a research report on Friday, October 18th. Finally, Craig Hallum raised Nokia Oyj from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Nokia Oyj has a consensus rating of “Hold” and an average target price of $4.56.

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.