The stock of Nokia Corporation (NYSE:NOK) is now priced at $4.9 and the shares are -0.07 points down or -1.41% lower compared to its previous closing price of $4.97. The stock had 22.204 million contracts set over the past session. NOK shares’ daily volume is compared to its average trading volume at 32.586 million shares. However, it has a float of 5360 million and although its performance was -2.58% over the week, it’s one to watch. Analysts have given the NOK stock a yearly average price target of $5.19 per share. It means the stock’s upside potential is 5.92% with the NOK share price recently placing at $4.86 to $4.94. However, some brokerage firms have priced the stock below the average, including one that has called $3.67.
The shorts are running away from the Nokia Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NOK shares have declined. Short interest in the stock represents just 0.7% of its float, but the volume has dropped by 0.
In the last trading session, Nokia Corporation (NYSE:NOK) dropped by -$0.13 over the week and lost -$0.16 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $5.32. The stock recorded its established 52-week high on 09/20/19.
Since 03/18/20, the stock has traded to a low of $2.34 at 109.4%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.54. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Nokia Corporation’s two-week RSI is 50.7. This suggests that the stock is neutral at the moment and that NOK shares’ price movement remains stable. The stochastic readings are equally revealing at 29% meaning the NOK share price is currently in overbought territory.
The technical chart shows that the NOK stock will likely settle at between $4.94 and $4.98 per share. However, if the stock dips below $4.86, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.82.
Currently, the stock is trading in the red of MACD, with a reading of -0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at JP Morgan cut their recommendation for NOK from Overweight to Neutral in July 08 review. JP Morgan analysts upgraded their recommendation of the stock from Neutral to Overweight in a flash note released to investors on June 01. Goldman seeing the improvements upgraded the stock from Sell to Neutral on March 27.
The average rating for the NOK equity is 2.42 and is currently gathering a bullish momentum. Of 12 analysts tracking Nokia Corporation polled by Reuters, 6 rated NOK as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the NOK stock price is 14.5X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 38 above the group’s average of 31.7. Nokia Corporation has its P/E ratio at 1.5, which means that the stock is currently trading at a discount relative to the 3.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Nokia Corporation (NYSE:NOK) will increase by about 23.7%, which will see them reach $6300 million. The company’s full-year revenues are, however, expected to diminish by about -2.53%, down from $26100 million to $25400 million. NOK’s expected adjusted earnings should surge almost 16.67% to end up at $0.07 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 12% to record $0.28/share.